A major Indianapolis developer is making a run for the border with a massive new industrial facility in Laredo.
Scannell Properties is planning to build out a 401,000-square foot industrial facility at 811 Maybird Drive in Laredo for about $34 million. The development will be a one-story warehouse built to accommodate future office and bulk storage buildouts.
The Port of Laredo is recognized as the nation’s busiest inland port and its third-busiest port overall, with an estimated $248.5 billion in trade goods crossing the border in 2021, according to U.S. Census Bureau data.
Laredo’s industrial market is especially tight, with a vacancy rate of less than 2 percent, well below the current national average of about 4.4 percent.
Texas has been at the forefront of the national industrial boom, with Dallas-Fort Worth and Houston accounting for more than 20 percent of square footage under construction nationwide.
Companies such as KKR and Property Reserve are nabbing massive tracts for industrial projects in key parts of the city. The development for Property Reserve is especially notable because the area of the city has traditionally gone underdeveloped and unnoticed as a region for industrial and commercial investment.
About 30 miles west of Houston in Brookshire, Stream is starting work on Phase 3 of its massive Empire West warehouse complex, and Dayton Street Partners recently acquired 47 acres at Houston’s TGS Cedar Port Industrial Park, where it plans to develop into the development’s first truck terminal built on spec.
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