{"id":1004578373,"date":"2022-04-28T03:53:05","date_gmt":"2022-04-28T11:53:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004578373"},"modified":"2022-12-08T19:08:24","modified_gmt":"2022-12-09T03:08:24","slug":"centerpoint-buys-suburban-austin-industrial-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/centerpoint-buys-suburban-austin-industrial-park\/","title":{"rendered":"CenterPoint Buys Suburban Austin Industrial Park"},"content":{"rendered":"

CenterPoint Properties<\/strong> has acquired Innovation Business Park I & II, a two-building, Class A logistics park totaling 361,467 square feet, in Hutto, Texas, in northern metro Austin.<\/p>\n

JLL Capital Markets<\/strong> marketed the property on behalf of the sellers, Ledo Capital Group<\/strong>, of Los Angeles, and St. Clair Commercial Real Estate<\/strong>. JLL<\/strong> will continue to handle leasing of the project for the buyer.<\/p>\n

\"CenterPoint<\/a>

Innovation Business Park I & II. Image courtesy of CenterPoint Properties<\/p><\/div>\n

The property was built in 2019 and 2020 using concrete tilt-wall construction. Ledo acquired the first, then newly completed, partially leased distribution building of 148,000 square feet and structured a forward commitment on an adjacent parcel to develop the second building, a speculative 212,000-square-foot cross-dock distribution facility, bringing the property to its current configuration.<\/p>\n

\n

READ ALSO<\/strong>: A Closer Look at Austin\u2019s New Industrial Development <\/a><\/p>\n

\n

The buildings, at 1050 and 1070 New Technology Blvd., feature clear heights ranging from 30 to 32 feet, 96 dock-high doors, a shared 200-foot-deep truck court, 536 parking spaces and ESFR sprinkler systems.<\/p>\n

The property is currently leased to Western Industries, Three Way Logistics and Barnsco.<\/p>\n

The 20-some-acre park is on the northeast corner of the U.S. 130 and State Highway 79 intersection, close to State Highway 45 and I-35, providing both north-south and east-west connectivity.<\/p>\n

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Trent Agnew, Dustin Volz, Dom Espinosa, Josh Villarreal and Matthew Barge.<\/p>\n

The JLL Leasing team responsible for leasing the project consists of Ace Schlameus and Kyle McCulloch.<\/p>\n

Set through 2023?<\/h2>\n

CenterPoint made its first industrial acquisition in Austin just this past December, purchasing a low-coverage infill distribution facility at 3830 Promontory Point. The 6-acre property currently has just 68,427 square feet of coverage.<\/p>\n

Earlier this month, Titan Development broke ground<\/a> on a nearly 300,000-square-foot fifth building at its NorthPark35 Industrial Park, in Georgetown, Texas.<\/p>\n

The Austin industrial space market continues to enjoy strong tenant demand, which has pulled overall vacancy down to a 20-year low of 2.9 percent, according to a first-quarter report from JLL. Further, there\u2019s enough demand, especially from advanced manufacturing and automotive companies, to soak up the more than 10 million square feet of deliveries anticipated over the next two years.<\/p>\n","protected":false},"excerpt":{"rendered":"

The property is currently leased to Western Industries, Three Way Logistics and Barnsco.<\/p>\n","protected":false},"author":882,"featured_media":1004578395,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,22251,21748,21783,21742],"tags":[36217,32796,44006,38241,38240],"class_list":["post-1004578373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-in-focus","category-industrial","category-investment","category-latest","tag-centerpoint-properties","tag-jll","tag-jll-capital-markets","tag-ledo-capital-group","tag-st-clair-commercial-real-estate"],"acf":[],"yoast_head":"\nCenterPoint Buys Suburban Austin Industrial Park - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"CenterPoint Properties has acquired Innovation Business Park I & II, a two-building, Class A logistics park in Hutto, Texas.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/centerpoint-buys-suburban-austin-industrial-park\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CenterPoint Buys Suburban Austin Industrial Park\" \/>\n<meta property=\"og:description\" content=\"CenterPoint Properties has acquired Innovation Business Park I & II, a two-building, Class A logistics park in Hutto, Texas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/centerpoint-buys-suburban-austin-industrial-park\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-28T11:53:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:08:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/Innovation-Business-Park-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"805\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/centerpoint-buys-suburban-austin-industrial-park\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/centerpoint-buys-suburban-austin-industrial-park\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"CenterPoint Buys Suburban Austin Industrial Park\",\"datePublished\":\"2022-04-28T11:53:05+00:00\",\"dateModified\":\"2022-12-09T03:08:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/centerpoint-buys-suburban-austin-industrial-park\\\/\"},\"wordCount\":371,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/centerpoint-buys-suburban-austin-industrial-park\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/04\\\/Innovation-Business-Park-featured.jpg\",\"keywords\":[\"CenterPoint Properties\",\"JLL\",\"JLL Capital Markets\",\"Ledo Capital Group\",\"St. Clair Commercial Real Estate\"],\"articleSection\":[\"Austin\",\"In Focus\",\"Industrial\",\"Investment\",\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/centerpoint-buys-suburban-austin-industrial-park\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/centerpoint-buys-suburban-austin-industrial-park\\\/\",\"name\":\"CenterPoint Buys Suburban Austin Industrial Park - 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