Titan Development is preparing to break ground on a new industrial speculative building at the company’s business park on Albuquerque’s West Side.
Located near Interstate 40 and 98th Street, Titan Development said it is targeting warehouse, distribution and light manufacturing companies to lease the soon to be built 150,574-square-foot building at the company’s Westpointe40 business park.
“We see this being a business port primarily targeted at warehousing distribution users and potentially light manufacturing users as well,” said Sal Perdomo, Titan Development director of acquisitions and development. “… We see this as being a really strong site for economic development purposes and job creation.”
Construction begins in early summer and is anticipated to wrap up in the second quarter of 2023, he said.
Perdomo said the company has been working toward building the park for nearly a decade, but the decision to build a speculative industrial space was fueled by market demand.
“(We) had been kicking around the idea of doing a speculative industrial building for about three years and about a year ago, you know, as the market fundamentals and market dynamics began to change, we decided to move forward with the speculative building and go full steam ahead,” he said.
There is currently a vacancy rate of less than 1% for industrial spaces in Albuquerque, according to an NAI SunVista report for the fourth quarter of 2021. Just a year ago the vacancy rate sat at about 2.67%.
Perdomo said the demand has grown across the country fueled by an increase in e-commerce and the need to quickly get goods to customers.
With demand at an all-time high, Perdomo said he expects the space to lease quickly and there has already been interest in the space.
“We’re seeing quite a bit of tenant and buyer activity for the building,” he said.
The space will feature a rear-load configuration, dock-high and grade-level doors and trailer space with the ability to accommodate one to three tenants, according to the company.
Perdomo declined to share costs of construction or the leasing rate.
This will be the second building at Westpointe40.
Aspen and Autumn, an Albuquerque-based food and beverage distribution company, announced plans earlier this year to build an 82,000-square-foot warehouse at the office park.
Perdomo said that he expects the 100-acre business park to be completed in five to seven years.
Wilger Enterprises is the general contractor on the project; GBA is the architect; Tierra West is the civil engineer; Consensus Planning is the entitlement consultant, and Riley McKee, Alex Pulliam, Jim Wible and Jim Hakeem, all of NAI SunVista, are marketing the property for lease.