Berry Creek Business Park will comprise three industrial buildings. Image courtesy of Transwestern Investment Group
A joint venture between Fidelis Industrial and Transwestern Investment Group—acting on behalf of a separately managed account—has acquired 56 acres in Georgetown, Texas, for the development of Berry Creek Business Park, an industrial campus that is expected to measure 520,571 square feet.
The property is zoned for light industrial manufacturing and distribution use. Groundbreaking of the three-building project is scheduled for January, with completion expected in the fourth quarter of next year.
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Northmarq’s Vice President Harry Hopson and Managing Director Warren Hitchcock arranged the joint venture. TIG’s Managing Directors Carter Thurmond and Witt Westbrook, together with Vice President Nash Frisbie, will spearhead the leasing efforts.
Berry Creek Business Park, up close
Upon delivery, Berry Creek will comprise three industrial facilities ranging from 126,722 to 253,164 square feet. Building 1 and Building 2 will have rear-load capabilities and feature 32-foot clear heights and a total of four ramps, 60 dock-high loading doors, 382 parking spaces and 23 trailer stalls. Building 3 will be a cross-dock facility that is expected to feature 36-foot clear heights, 256 parking spaces and four ramps, as well as 40 dock doors. Amenities are to include a food truck pavilion, a fitness-focused walking trail and outdoor stations.
The business park will rise at 1761 N. Interstate 35 Frontage Road, at the junction of Interstate 35 and Highway 130. Downtown Austin is some 27 miles away, while Austin-Bergstrom International Airport is within 32 miles. The location is also less than 1 mile away from a 435,714-square-foot industrial development that was recently acquired by ZT Systems.
Austin’s growing industrial pipeline
More than 18.4 million square feet of industrial space were underway in Austin as of December, according to CommercialEdge information. The metro also has more than 40.4 million square feet pertaining to planned and prospective projects.
One of the more significant developments is Hines’ 683,344-square foot industrial campus in Northeast Austin. The four-building property is slated for completion by the end of 2024.
In August, Greystar Real Estate Partners started construction on the second and last phase of a five-building industrial development in San Marcos, Texas. At full buildout next year, the park will encompass almost 500,000 square feet.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Read MoreAustin, Development, Industrial, News, Southwest, Fidelis Realty Partners, Northmarq Commercial Property ExecutiveConstruction of the three-building project is expected to start next month.
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