United Properties, PCCP Sell Austin-Area Facility

Buda Midway. Image courtesy of JLL Capital Markets

A joint venture between United Properties and PCCP has sold Buda Midway Phase 1, a Class A, 474,465-square-foot industrial park in Buda, Texas. The three-building complex was subject to a construction loan originated in 2021, totaling $27.6 million, from Wells Fargo Bank, CommercialEdge data shows.

Phase 2 of the project will include four industrial buildings, totaling approximately 390,000 square feet, with the first facility set for completion in spring 2023.

Phase 1 came online this year. The 35.3-acre campus comprises rear-load and one cross-dock buildings, two of which are 115,090 square feet each and offer 30-32-foot clear heights, along with a 244,285-square-foot facility. The largest property, sitting on 19 acres, offers 36-foot clear heights and is designed to achieve LEED certification. The complex offers 138 dock doors, 60 trailer parking spots and 678 parking spaces. Phase I is fully leased to Sherri Hill, Four Hands and CED Greentech, the latter having preleased 38,840 square feet almost a year ago.

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Located at 1795 Fire Cracker Drive, the property is 15 miles from Austin and sits near the intersection of Interstate 35 and State Highway 45, offering access to Austin, San Antonio and Dallas-Fort Worth. Austin-Bergstrom International Airport is 16.5 miles away. Other warehouses in the area house companies including US Foods and Amazon.

The JLL Capital Markets team representing the seller included Senior Managing Directors Trent Agnew and Dustin Volz, Director Dom Espinosa, Associate Josh Villarreal and Analyst Megan Babovec.

Austin’s industrial development hub

Austin’s industrial market is continuing to expand, with new projects continuously added to the supply pipeline. Development is highly concentrated in the Georgetown suburb, with three new facilities that are expected to come online by the end of this year and in 2023.

Titan Development broke ground in April, adding 297,057 square feet to the NorthPark35 industrial campus. In March, Wells Fargo Bank originated a construction loan for Stonelake Capital Partners, which started construction in May on Georgetown Logistics Park, a complex totaling 620,000 square feet. A recent addition to this Austin suburb took place at the end of last month, when Molto Properties broke ground on Blue Springs Business Park, a 604,064-square-foot industrial park, just off Interstate 35.

Titan Development also acquired a 188-acre site in Hutto, Texas, to develop a major project. An industrial park totaling almost 2.6 million square feet will rise along Highway 79, near the $17 billion Samsung semiconductor plant.