Developer Purchases 145 Acres for 2M-SF Plan

EL PASO, TX-Continuing to expand its footprint north and south of the border, a local developer has snagged the 145-acre Garza parcel in Reynosa, Tamaulipas, Mexico. At build-out, Verde Pharr Industrial Park will add two million sf to support the maquiladora industry.

Verde Corporate Realty Services has locked in land adjacent to the Pharr International Bridge along Highway 2. The all-in development cost isn't available, but land can go for $20,000 to $50,000 per acre while bricks and mortar can push $40 per sf for comparable industrial space.

Claude A. Billings, Verde's vice president, points out that Verde Pharr Industrial Park is a companion development to the just completed, 276,869-sf El Puente Industrial Park, also along Mexico 2 but near US Highway 281 North.

"We have the master plan done on Verde Pharr and we're ready to market," Billings tells GlobeSt.com. "We'll put up inventory buildings. It's also a good location for build-to-suits." He says there is no ground-breaking date at this time and the build-out timeline will depend upon market demand.

With demand for cross-border properties increasing, Billings says Verde will continue to expand its operations on both sides of the border, especially in Reynosa, where it already has a strong presence. "What's happening is that some of the companies are recognizing if they can combine both manufacturing and distribution in one facility on the Mexican side, it helps with streamlining business," he says.

Billings adds that Verde also plans to beef up its presence in other gateway cities like Monterrey, Mexico, McAllen, TX and farther north in San Antonio, where it is planning an industrial development on 210 acres. "We're on target for our projections," Billings says. "We now have more than 10.5 million sf of existing product and construction throughout our targeted market and 2007 looks to be a good year."