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SANTA TERESA, NM-Construction is slated to begin on a 122,000-sf, multi-tenant industrial building in the Santa Teresa Border Industrial Park, marking the first phase of a mixed-use, master-planned community set for development on 40,000 acres along the New Mexican border.

Rick Gallitto, executive director with Tremont Realty Capital Inc., arranged the $3.25-million construction loan for Santa Teresa Real Estate Development LP. He says the building, going up on a 40-acre parcel, should be completed within four months once construction kicks off. The building, known as Border One, will be located adjacent to the only land crossing near El Paso, TX, Gallitto said. One tenant, a logistics firm, has already signed on to occupy 55% of the industrial space, he said.

The project’s location along the only land border crossing in the area, gives it a tremendous advantage over other industrial sites, Gallitto added. Border wait-times at bridge crossings have grown to up to two hours since Sept. 11. The land-based crossing allows for the creation of more border check-points which could reduce wait times to as little as 15 minutes, he said. That means an increase in truck traffic in the area and a need for more industrial space. “This is driven by border trade,” he said.

Santa Teresa Real Estate Development owns three other industrial parks in the area and is in the process of acquiring and developing other facilities at other border crossings in El Paso and McAllen, TX.

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