Austin Business Journal writes, "The Dallas-based developer behind Sixth and Guadalupe and Waterline, the current and future tallest buildings in Austin, announced on Oct. 17 that the company has broken ground on an 894,000-square-foot industrial development near Kyle.
Lincoln Property Co. and joint venture partner Goldman Sachs said in an announcement that CTX 110 – formerly known as Waterstone – is expected to be finished during the fourth quarter of next year. It's located on 47 acres off of I-35 at 14031 Farm to Market Road 110, about 25 miles south of downtown Austin.
The San Marcos City Council last month voted to terminate a municipal utility district consent agreement for the property, remove the land from a development agreement and release the site from San Marcos' extraterritorial jurisdiction.
CTX 110 is slated to include four buildings that will range in size from 153,000 square feet to 335,879 square feet. They'll all offer high ceilings and many docks for trucks. Each building will have at least 200 parking spaces and multiple drive-in doors.
No leases have been signed yet, managers said.
In June, Lincoln submitted a series of filings to the Texas Department of Licensing and Regulation that pegged the project at a $65.5 million price tag for the four buildings — although it should be noted that information found within TDLR filings is subject to change throughout the development process.
Cole Kennedy, an associate in Lincoln's Austin office, said the CTX 110 project is planned to serve Austin and San Antonio.
Data from Houston-based Partners Real Estate shows the southeast submarket, which includes San Marcos, had 20.6 million square feet of industrial space, with a vacancy rate of 5.8% in the second quarter this year. That's about half of the entire market's 10.4% vacancy rate. At the same time, manufacturing space in the southeast submarket had an 8.1% vacancy rate, and warehouse and distribution had a 14.5% vacancy rate.
"With the surge in population growth that these markets have experienced in the last few years, the demand for modern logistics space has continued to grow along with it. These facilities will be within a 90-minute drive of nearly 5.5 million people, making the location ideal for companies looking to enter or expand their footprint and make an impact on their operations in Central Texas," Kennedy said in a statement.
Affinius Capital provided the construction loan for the project. Pape Dawson is acting as the project’s engineer and Powers Brown is the architect of record. Jim Cotton of McAllister & Associates brokered the land deal for Goldman Sachs. Kyle McCulloch of JLL is handling leasing for the property."
Source: Austin Business Journal
Written by: Justin Sayers
Published: October 17, 2024
Posted by Grossman & Jones Group on
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