Dallas-Based Stonelake Travels to El Paso to Buy Large Industrial Tract

Stonelake Capital Partners has purchased 90 acres near a high profile intersection in East El Paso. The 375 Logistics Park will go in at Montana Avenue and Joe Battle Boulevard. Stonelake bought the parcel from River Oaks Properties, a large El Paso shopping center developer, for an undisclosed amount. For tax purposes, the parcel has been appraised at $30.8 million.

The company is planning to build a 1.3 million square foot business park, consisting of from four to six buildings. Construction is expected to begin in the first quarter of next year and be completed by the end of 2023.

Stonelake Capital Partners is currently building the Eastlake Logistics Park in El Paso. It will include 1.1. million square feet of space spread among six buildings.

CBRE reports that El Paso’s vacancy rate remains at a low 1.4%. CBRE also says El Paso has a record amount of industrial space under construction, 6.3 million square feet.