Albuquerque-based Titan Development has found its first tenant for Building 1 at Westpointe40.
Scholastic Corporation, a children’s publishing, education and media company, will utilize a third of the 150,000-square-foot industrial warehouse. The company is the first to occupy space in the business park near Interstate 40 and 98th Street, according to Titan Development Partner Brian Patterson.
Titan is currently searching for tenants to lease the remaining space. The company is working with NAI SunVista to market the property, broker Riley McKee said. McKee, Alex Pulliam, Jim Wible and Jim Hakeem are the property brokers.
The park best accommodates tenants specializing in warehousing and distribution services, Patterson said.
Patterson aims to develop at least five additional warehouse buildings in the coming years in the nearby area, he added.
“The folks that we’ve talked to are looking for space to store their goods,” Patterson said. “I think we can do anywhere between a million and a million and a half square feet of industrial businesses in this area.”
The location provides easy access to Interstate 40 and puts potential tenants within an eight-hour drive of Phoenix, Denver and Las Vegas, Patterson said. Proximity to I-40 is a key component many companies search for when opening large distribution facilities in the Southwest, he added.
The facility is scheduled to open in September. Scholastic, a publicly traded company, could not be reached for comment.
In 2010, Titan began master-planning the 110-acre industrial site. Prior to development, the company needed to re-align the city’s road infrastructure to alleviate “truck traffic” concerns from residents living near the complex, Patterson said.
“The neighbors had a lot of concerns with truck traffic, particularly semi-trucks going down Bluewater Road,” Patterson said. “So, we realigned it with the vision of taking all those trucks away from neighborhoods, pushing them west to 98th [Street] or east to Unser Boulevard.”
Although Building 1 is Titan’s first development at Westpointe40, new projects are already underway. In 2022, food and beverage distributor Aspen and Autumn LLC made plans to build a 82,000-square-foot building in the industrial park.
The Westpointe40 complex comes as industrial vacancy rates remain low in Albuquerque. According to a Q2 2023 market research report by NAI SunVista, the vacancy rate for industrial space in the region is 1.6%. About 625,000 square feet of space is currently available for lease, according to the same report.