El Paso’s Butterfield Trail gets $14M facelift

EL PASO – To capitalize on the recovery, El Paso International Airport has begun construction on a $14.3 million renovation to the Butterfield Trail Industrial Park.

The 600-acre park has underperformed in recent years, but local brokers say second half 2012 saw several significant deals land in the park. The rehabilitation project is scheduled for completion August 2014.

The airport owns the industrial park, and revenue from its land leases provided $3.2 million in total revenue last fiscal year.

Class A space is renting for $3.80 per sf, according to CBRE. The vacancy rate for fourth quarter 2012 on the Westside was 2.5 percent. Central was 7 percent, Eastside at 16.8 percent, Northeast at 19.5 percent and Lower Valley with 25.9 percent.

From Santa Teresa to Socorro, there is 54 million sf of industrial space. Experts expect 5 percent of the industrial supply will trade ownership this year.