An air freight company is moving into a large warehouse near El Paso after signing the biggest industrial lease of 2023 by total square footage.
Pennsylvania-based Pilot Air Freight leased a large warehouse at the Socorro Logistics Center, an industrial park at the western tip of Texas about three miles from the El Paso Ysleta Port of Entry that handles 70% of the loaded northbound trucks coming from Juárez, Mexico.
The deal brokered by CBRE was the largest lease signed in the El Paso area last year and is expected to bring dozens of jobs to the region, earning the transaction a 2024 CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the Project: Pilot Air Freight in September leased the 402,000-square-foot Building 3 at the Socorro Logistics Center in Socorro, Texas, one of the region's biggest industrial developments. The deal for the building that finished construction last year adds to the growing cross-border logistics presence in El Paso, where trade valued at $131.1 billion passed between the United States and Mexico in 2022, according to CBRE.
What the Judges Said: "A building this size and square footage is sure to bring many new jobs to El Paso, and the fact that the building is located south of Interstate 10 is another bonus to add value to our diverse city," wrote Laura Salome, managing director with SVN Fortune Real Estate.
They Made it Happen: Christian Perez Giese, André Reuben Rocha and Michelle Pena of CBRE's El Paso office were the leasing representatives for property owned by Atlanta-based TPA Group.
CoStar Market Manager Benjamin Freeman contributed.