Overview

DHS purchased a warehouse in Socorro, Texas for $123 million — a property previously valued at approximately $11 million. This represents the most extreme documented markup in the ICE warehouse acquisition program: approximately 1,000% overpayment.

Financial Details

• Purchase price: $123 million
• Prior valuation: $11 million
• Markup: ~1,000% (per Project Salt Box)
• The $112 million difference between purchase price and prior valuation represents a direct transfer from taxpayer funds to the property’s prior owners/investors

Context

Socorro is in the El Paso metro area, near the El Paso Eastwind Logistics Center mega-center. The extreme overpayment pattern documented by Project Salt Box shows that rushed, defense-channel procurement without normal price competition consistently produces purchases at multiples of market value.

Sources

• The World’s Biggest Banks May Be Benefiting from the ICE Warehouse Craze — More Perfect Union (April 7, 2026)
• Project Salt Box property records analysis