Clarion Partners Real Estate Income Fund Inc.’s Rojas East Distribution Center has been recognized as the Sale/Acquisition of the Year in the El Paso market as part of the 2023 CoStar Impact Awards.* Winners were selected from a panel of more than 750 industry professionals drawn from each respective market.
The CoStar Impact Awards recognize exemplary commercial real estate transactions and projects completed in 2022 that have significantly influenced neighborhoods or submarkets across 128 major international markets in the United States, Canada, and the United Kingdom. Now in its second year, the awards honored over 400 winners for their CRE transactions across five categories: Lease of the Year, Sale/Acquisition of the Year, Commercial Development of the Year, Multifamily Development of the Year, and Redevelopment of the Year.
The Rojas East Distribution Center is a newly-built 369,310-square-foot two-building industrial asset located in the East industrial submarket of El Paso. This submarket is fueled by international trade between the U.S. and Mexico, with El Paso serving as the logistics node for the neighboring manufacturing hub of Ciudad Juarez, Mexico. Developed in 2021, the property sits on 21.24 acres and features modern, Class A specifications including 28’-32’ clear heights, 56 dock doors, LED light fixtures, ESFR sprinkler systems, 42 trailer storage stalls, and 292 car parking spaces.
The Fund’s acquisition of the Rojas East Distribution Center adds institutional ownership to a market that has not seen much of that type and scale of ownership historically, and market entry with this project will pave the way for future investment and growth in the area by other large, scaled investors. The spur of new industrial development is helping to support broader growth with new retail amenities and services, such as the new Eastlake Marketplace, for both employees and residents of the surrounding neighborhoods.
Clarion Partners Real Estate Income Fund Inc. is distributed by Franklin Distributors.
* 2023 CoStar Impact Awards are issued by CoStar annually and the Sale/Acquisition of the Year Award is valid in perpetuity. Clarion did not pay registration or submission fees to apply for this award.