Stockbridge Buys Metro Austin Industrial Park
The property is part of a $250 million mixed-use development.
Image courtesy of JLL Capital Markets
Stockbridge Capital Group has acquired a newly delivered, 271,689-square-foot industrial business park at New Hope, in Cedar Park, Texas. Forming an Austin-based joint venture, Riverside Resources Inc., Live Oak Group and Cordova Real Estate Ventures sold the asset in a transaction brokered by JLL Capital Markets.
New Hope is a $250 million, mixed-use project that features a total of 500,000 square feet of industrial space across 48 acres, along with office and retail space on another 40 acres of land. Stockbridge’s purchase represents the first phase of the development, which broke ground in August 2023 and came online one year later.
New Hope’s second phase calls for another industrial property, totaling 213,700 square feet. Additionally, the partnership plans to include a 32-acre development dubbed District New Hope, which consists of a mix of retail, dining, entertainment, hospitality, R&D and office space. Zapalac/Reed Construction, McFarland Architecture and Malone Wheeler Inc. are part of the team working on developing New Hope.
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JLL Capital Markets Senior Managing Director Trent Agnew, Senior Directors Witt Westbrook and Kyle Mueller, Director Rob Ellwood and Vice President Patrick McCord led the Investment Sales and Advisory team that worked on behalf of the seller in the deal with Stockbridge.
In the first month of this year, industrial transactions across the U.S. reached $4.1 billion, with assets changing hands at an average price of $166 per square foot, according to a recent Yardi Matrix report. During the same month, there were 355.7 million square feet of industrial space under construction nationwide, accounting for 1.7 percent of total stock. Including planned properties, the figure rises to 3.4 percent of existing inventory.
A closer look at New Hope’s industrial facilities
The property comprises three buildings across a 28.5-acre site, featuring 32-foot clear heights, 82 dock-high doors and upgraded power of 5,200 amps. Other amenities include grade-level parking with 579 spaces and dedicated trailer parking capabilities. The industrial park is currently fully leased, after reaching full occupancy within 14 months of delivery.
The campus is at 2305 Scottsdale Drive, just off Texas State Route 183A. Other major thoroughfares in the area include U.S. Route 183, Interstate 35 and Texas State Route 45. The facility serves Cedar Park’s population, which exceeds 84,000 residents. Downtown Austin is less than 24 miles south.
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