Interstate Capital, a local commercial finance company, announced earlier this month that its parent company, American Finance & Investment Co, Inc. (AFIC), has acquired a 60,000 square-foot office building in El Paso fronting I-10, between Piedras and Cotton Streets. Interstate plans to sign a lease and become one of several major tenants in the building, relocating approximately 25 full-time positions from its offices in New Mexico to the 3-story office building in central El Paso. According to Furman, “Interstate is committed to leasing a large space on the building’s third floor, and will make an investment in renovating its interior space and upgrading technology and telecom infrastructure”.
For the past 21 years, Interstate has been a fixture in Santa Teresa, where it first occupied the space now housing a Subway sandwich shop on McNutt Road. In 1999, Interstate expanded into a 7,000 square-foot office building located next to the Wells Fargo Bank branch on Country Club Road. “When we built that building, it was intended to house a fraction of employees we now employ in Santa Teresa”, explained Furman. We had a few tenants which, over the years, were displaced by Interstate’s growing workforce.
AFIC spokesman, Ernest Eisenberg, reports that AFIC also plans to relocate employees from its Yandell office to the newly acquired building. While Interstate Capital’s corporate headquarters and executive management team will remain in New Mexico, future employment growth will take place primarily in El Paso, where Furman estimates Interstate Capital will eventually employ more than 100 full-time persons. The move by Interstate Capital to El Paso will not displace any current tenants.
Eisenberg is in negotiation with a large prospective tenant to take most of the rest of the available space. “For us, the location is ideal because we and our tenants can zip on or off Interstate-10 right into the covered parking lot, and, depending on traffic, it’s only a three- to six-minute drive to all the major medical complexes, UTEP, Fort Bliss, courthouses, Southwest University Park, the Fountains at Farah and our quickly transforming Downtown. I think our employees and our tenants will appreciate the building’s close proximity to everything that makes El Paso great, ” Eisenberg added. AFIC is hoping to have the building renovations completed in early 2015.
When completed, the building will be a more prominent fixture on the freeway, immediately east of Downtown, will be more visually attractive, and will be home to financial institutions, professional offices, and a radio station, among other businesses. According to Furman, “The acquisition of the building fulfills our group’s long-overdue need for more space for our continually growing workforce. The acquisition of this building will benefit our company and the El Paso economy. The Interstate Capital Group of Companies employs approximately 80 full-time employees, 60 of whom presently work in its Santa Teresa, New Mexico office.
The Interstate Capital Group of Companies is a leading marketer of accounts receivable and freight bill factoring, fuel cards, freight matching, freight broker credit reports, property broker bonds, fuel advances, truck and trailer financing, freight brokerage and freight payable auction management services. Founded in 1993, Interstate Capital has provided $ billions of funding for over 5,000 motor carriers and other small businesses in the U.S., Canada, and Mexico. Holding its current rate of growth constant, Interstate Capital projects to purchase in excess of $1 billion of receivables annually within the next two years. AFIC will celebrate its 70th year in business in 2016.
Tony Furman, President