After President Joe Biden signed the Inflation Reduction Act into law, the United States saw increased demand for new wind towers and the corresponding real estate needed for production. Enter Keter Plastic, an Israeli manufacturer looking to offload a duo of production facilities in Belen, New Mexico, following trying economic headwinds.
Keter's 80,000-square-foot and 165,000-square-foot facilities at 1951 Highway 304 turned out to be an ideal manufacturing outpost for the Dallas-headquartered Arcosa Wind Towers, which was looking in the area to meet growing demand. Arcosa quickly adapted the property to meet its production needs, also securing incentives from both the New Mexico state and the city of Belen.
In addition to helping the southwestern U.S. meet renewable energy goals, the purchase also brought 250 new jobs to the region. In August 2023, President Biden visited the facility during a groundbreaking ceremony for the needed modifications, saying that since he signed the IRC, "Arcosa has received $1.1 billion of orders for new wind towers... And meanwhile, we are speeding up permitting for new transmission lines so that wind energy produced by these towers reaches people’s homes.”
The deal received a 2024 CoStar Impact Award for sale of the year for Albuquerque, New Mexico, as judged by real estate professionals familiar with the market.
About the Project: Constructed in 2018, the buildings totaling 245,000 square feet sit on more than 30 acres.
What the Judges Said: "I voted for the Arcosa Wind Towers Manufacturing Site in Belen as the sale/acquisition of the year because this is a large, specialized facility in a small market," said Conner Marshall, associate managing director at Colliers. "After Keter Plastic decided it would be shuttering the facility, resulting in the loss of 175 jobs, the facility easily could have sat vacant for an extended period, which is a common fate for such facilities. However, Arcosa acquired the property after a short marketing period and will be making a significant investment in the facility and the community, especially with the creation of 250 high-paying jobs."
They Made It Happen: David King of Greystar.
CoStar Market Manager Benjamin Freeman contributed.