MCALLEN, Texas – July 7, 2015 – CBRE announces the sale of McAllen Distribution Center I, a vacant 210,140-square-foot industrial warehouse in McAllen, Texas. McAllen-based Ci Logistics Group purchased the asset from Los Angeles, California-based 6800 International Ltd for an undisclosed price.
Ci Logistics, an integrated logistics services firm that services the U.S./Mexico border, will occupy approximately half of the building at 6800 International Parkway, within the Sharyland Business Park. The firm’s services include imports, exports, warehousing, distribution and transportation of industrial, commercial and perishable products. It operates multiple warehouses near the Reynosa-Pharr port of entry.
“Investing in 6800 International Parkway was the perfect strategic move for Ci Logistics. It’s an ideal space to grow our operation and it adds another Class A property to our portfolio. While Ci Logistics will only use half of the building, it allows us to quote on warehousing requirements for other users in the market. Overnight, we addressed our real estate needs while growing as a local landlord with a premier industrial option,” said Joaquin Spamer, Ci Logistics President.
Ci Logistics plans to renovate the building’s offices, add fencing around the perimeter, build a guardhouse to ease certification of C-TPAT, and repaint the exterior.
Carlos Telles, with CBRE’s McAllen office, represented the seller.
“There’s a resurgence of industrial activity in the area with third party logistics operations leading the charge, followed by cold storage operators and manufacturers with light assembly and distribution facilities,” said Mr. Telles. “Cold storage users are beginning to convert dry storage warehouse space into refrigerated facilities and landlords with the versatility to address these needs have been able to reflect positive absorption.”
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.