Titan Development Announces First Speculative Industrial Building at Westpointe40 Business Park in Albuquerque
New speculative building is 150,574 square feet and strategically located near Highway I-40 at 98th Street
ALBUQUERQUE, N.M., March 25, 2022 /PRNewswire/ -- Titan Development ("Titan") is moving forward with its first speculative building at Westpointe40, a business park located at I-40 and 98th Street in Albuquerque. Building 1 is a Class A, institutional-grade facility with 150,574 square feet of space targeted for completion in the second quarter of 2023.
Westpointe40 will be ideally located within a one-minute drive of Interstate 40, a major thoroughfare for warehousing and distribution users, and Titan will target these users in addition to light manufacturing companies. Many major cities including Phoenix, Denver, Las Vegas and Oklahoma City are within an eight-hour drive of Albuquerque, making the city and Westpointe40 an important hub for commerce. The park is also in close proximity to Interstate 25, Albuquerque International Airport and within close driving distance to most of the city's labor force.
Building 1 at Westpointe40 has been designed to accommodate a wide variety of warehousing, distribution, light manufacturing and services users, with a rear-load configuration, 32' clear height, dock-high and grade-level doors and ample trailer parking. The building is designed for users between 40,000 and 150,000 square feet. Wilger Enterprises is the general contractor for the project, GBA is the architect, Tierra West is the civil engineer, and Consensus Planning serves as an entitlement consultant. NAI SunVista's Riley McKee, Alex Pulliam, Jim Wible and Jim Hakeem are currently marketing the property for lease.
This building is part of Westpointe40, a master plan business park containing 100 acres of shovel-ready sites. Titan's efforts at Westpointe40 follow its strong successes over the last several years in the Texas markets of Austin and San Antonio where demand is surging. Titan has received strong support and interest from the Albuquerque Regional Economic Alliance (AREA) in exploring options and opportunities to create new jobs for the community.
"We believe and our data shows that Albuquerque is ready for speculative industrial development, and we're already seeing strong interest in the Westpointe40 project from prospective tenants and buyers," said Brian Patterson, PE and Senior Vice President at Titan. "Paired with the city's booming residential market and its renewed focus on recruiting non-local businesses and growing local businesses, we anticipate that our industrial park will attract new jobs and employment opportunities for both current residents and newcomers to our great state."
"Titan and our local land partners are excited to bring industrial development to Albuquerque, especially along the critical I-40 corridor," said Sal Perdomo, Director of Acquisitions and Development. "Several major companies already have distribution centers in this area, and as national demand for ecommerce continues to grow and as private developers as well as the city and state continue to recruit and retain economic base employers we expect that Westpointe40 will serve as a key southwestern hub for other manufacturers and logistics warehouses looking to expand or relocate their operations."
About Titan Development
Titan Development is a leading Southwest full-service development and real estate investment firm. Titan has developed 13 million square feet of real estate totaling more than $2.5 billion in project cost since the firm was formed in 1999. Titan Development has a wealth of real estate development experience in many asset classes including private equity fund investment and management, and has offices in Austin, TX, and Albuquerque, NM.
Titan Development's first private equity fund Titan Development Real Estate Fund I (TDREF I) raised $112 million and invested in a variety of real estate asset classes. Titan Development Real Estate Fund II (TDREF II) raised $95 million and commenced in November of 2020. TDREF II focuses on industrial and multifamily development in secondary and tertiary markets. TDREF II has identified all fund projects, has committed 80% of the total fund equity to eleven projects and has identified the remaining projects which will commence construction in early 2022. To learn more, please visit www.titan-development.com.
Lisa Baker, Lambert
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SOURCE Titan Development