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Titan Development broke ground Wednesday on a new industrial speculative building on Albuquerque’s West Side.
The 150,574-square-foot building will be the second structure to be built at Titan’s Westpointe40 Business Park and is anticipated to be completed by the second quarter of 2023, according to a spokeswoman for the development company.
Located near Interstate 40 and 98th Street, the new building will join several other industrial buildings in the area including a FedEx Distribution center.
When the building was announced in March, Sal Perdomo, Titan Development director of acquisitions and development, said he envisioned the site as a place for warehousing distribution and light manufacturing.
The groundbreaking comes at a time when vacancy rates for industrial buildings are at a record low. Industrial vacancy rates dipped to .89% in March, according to a report produced by NAISunVista. Just three years previously, the vacancy rate sat at 3.26%.
According to Titan, the building is designed for tenants needing between 50,000 to 150,000 square feet and 54,000 square feet of that space is already pre-leased.
The general contractor on the project is Wilger Enterprises, the architect is GBA, the civil engineer is Tierra West. Riley McKee, Alex Pulliam, Jim Wible and Jim Hakeem, all of NAI SunVista, are marketing the property for lease.
