California begins construction of second Otay Mesa border port of entry
California has launched construction on the Otay Mesa East-Otay II border crossing, which will be just south of San Diego.
Otay Mesa East-Otay II will develop a new U.S.-Mexico border port of entry 3 miles east of the original Otay Mesa port of entry. It will include 10 lanes: five for passenger vehicles and five for cargo transport. More than $1 billion has already been earmarked for construction.
“This new port-of-entry will strengthen California’s world-leading economy, create jobs, and support regional communities through trade,” California Gov. Gavin Newsom said in a news release. “California is proving that we can build strong international partnerships with Mexico — our top trading partner — to grow our economy and create jobs while prioritizing the safety and well-being of our communities.”
Mexico is California’s top export market, purchasing $33.3 billion worth of California products annually. Mexico is also California’s second-largest source of imports — totaling $61.5 billion worth of goods annually.
The Otay Mesa East-Otay II project is scheduled to be completed in 2027.
Yamato Transport launches cross-border trucking service
Yamato Transport has created a cross-border trucking service utilizing bonded transfer between airports in the U.S. and Mexico.
The service aims to eliminate the need for customs clearance procedures at the U.S.-Mexico border, the company said in a news release. Customs clearance will be handled at the destination airport.
“By reducing the turnaround time for customs procedures, this service enables fast and highly punctual cross-border transportation, supporting customers to establish optimal supply chains tailored to diverse needs,” Yamato Transport said.
The bonded trucking service was launched Thursday and links airports in Dallas, Chicago and Atlanta with Mexican airports in Monterrey, Guadalajara and Mexico City.
The service operates three to five times per week on each route and is able to accommodate charter transportation by container or consolidated transportation by pallet.
Tokyo-based Yamato Transport is a global shipping, freight forwarding and logistics company operating in 23 countries.
Buchanan Capital Partners acquires Texas logistics warehouse
Austin, Texas-based Buchanan Capital Partners (BCP) has acquired a 72,868-square-foot industrial warehouse in Laredo, Texas.
The acquisition enhances BCP’s presence in a key growth market driven by strong industrial demand, company officials said.
“With infill industrial submarkets experiencing historically high occupancy rates driven by strong leasing demand, we believe this acquisition is an ideal profile fit for our investors as consistent occupancy mitigates downside risk,” Keith Buchanan, founder of BCP, said in a news release.
The warehouse is in the San Isidro Industrial Park, near Laredo’s World Trade Bridge.
Buchanan Capital Partners is a commercial real estate investment firm.
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Publish date : 2024-12-14 23:00:00
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