Cross-Border 3PL Inks Warehouse Deal In Laredo

Third-party logistics provider Source Logistics recently signed a pre-lease agreement to rent the new 423,280-square-foot building No. 2 at the Port Grande logistics facility in Laredo, Texas.

Benzinga · 01/07/2020 15:22

Third-party logistics provider Source Logistics recently signed a pre-lease agreement to rent the new 423,280-square-foot building No. 2 at the Port Grande logistics facility in Laredo, Texas.

The new facility is 10 miles from the U.S.-Mexico border and features a 32-foot ceiling clearance, 120 dock-high doors, four ground-level doors, a large, secured truck courtyard, 242 trailer parking spaces and 208 automobile parking spaces.

Source Logistics' new agreement was first reported by news outlet GlobeSt.com. Terms of the agreement were not disclosed.

Montebello, California-based Source Logistics was founded in 1999 by Marcelo Sada, Raul Villarreal and Fernando Ramirez, with its first warehouse in Los Angeles. The company's goal was to provide a location for Mexican manufacturers looking to export products into the U.S., according to a press release.

Today, Source Logistics has more than 1.2 million square feet of warehouse space in Los Angeles, New Jersey, Portland, Chicago, Hawaii, Houston and Laredo. The company provides storage, freight and data supply chain services across a wide range of industries.

Source Logistics was previously renting a 200,000 square-foot warehouse at Port Grande's No. 1 before signing the new lease.

Port Grande is a 1,992-acre, master-planned logistics port in Laredo developed by California-based Majestic Realty Co. Majestic began developing Port Grande in 2015, when it acquired the land from a subsidiary of Mercedes-Benz.
"We continue to see growing interest in this region and demand for modern, large class-A warehouse space with building features that did not exist in this market before," Majestic Realty Co. Senior Vice President Kyle Valley said in an interview with GlobeSt.com. "We've doubled down on our positive forecast for this market, and we're seeing a wide range of tenants now seriously looking at Laredo as a key to their long-term success."

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