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Ashtabula Avenue

Ward Fitzgerald Of EQT Exeter Acquires Industrial Properties From Provident Industrial In El Paso
SOLDIndustrial

Ward Fitzgerald Of EQT Exeter Acquires Industrial Properties From Provident Industrial In El Paso

Ashtabula Avenue

Building Size

576,365 SF

Asset Type

Industrial

Closing

Aug 7, 2024

AI

The transaction involved the sale of Buildings I & II of Gateway Logistics Park located at 12221 & 12228 Ashtabula Avenue in El Paso. The industrial property encompasses a total of 576,365 square feet and includes features such as high clear heights, multiple trailer and dock spaces, and a strategic location near Loop 375 and the Ysleta-Zaragoza Port of Entry. The buildings were completed in late 2023 and early 2024.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: Not disclosed
  • Buyer: Ward Fitzgerald - EQT Exeter
  • Seller: Case Van Lare & Chris Martin - Provident Industrial

This transaction highlights the involvement of Ward Fitzgerald, representing EQT Exeter as the buyer, and the sellers, Case Van Lare and Chris Martin, representing Provident Industrial. They played a critical role in facilitating the exchange of these industrial properties as part of their respective companies' operational strategies.

Players

El Paso Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93