March 17, 2016
Paul Foster, chairman of Western Refining Inc. in El Paso, TX, has acquired close to 40 acres in an industrial zone of Santa Teresa, NM. The seller was Titan Development. The sales price was kept under wraps.
Foster, with a rank of 1,476 on the annual Forbes List of Billionaires, has a net worth of $1.2 billion.
Santa Teresa abuts the U.S.-Mexico border, near the Texas state line. The Santa Teresa port of entry opened in 1998, but until recently, major industrial real estate developers ignored the area at the southeast corner of Dona Ana County.
However, according to local property brokers, interest in the area has been growing since the $400 million Union Pacific truck-to-rail hub opened there in 2014.