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The facilities in the Innovation Business Park total 361,467 square feet of warehouse space on more than 20 acres.
The assets are near the SH 79 interchange with SH 130 in Austin’s Northeast industrial submarket. Supply is short in the area as companies catering to Austin’s burgeoning tech industry are pushing demand to record heights.
Samsung’s chip manufacturing plant in Taylor is under construction just 8 miles from the Innovation Business Park. Recently, Tesla leaders cut the ribbon on the company’s monstrous $6 billion Gigafactory 25 miles down SH 130.
“These buildings are very close to two of Austin’s primary demand drivers, tech manufacturing and a rapidly growing population full of e-commerce consumers,” said Rives Nolen, CenterPoint’s Senior Vice President of Investments. “Hutto is one of the best locations for distribution in the Austin market, with its immediate access to SH 130 and proximity to labor and amenities not found elsewhere on the 130 corridor,” Nolen added.
CenterPoint Investment Officer Justin Gallagher said the company likes having the option to demise the leasable 40 percent of the buildings to 70,000 square feet, the most desirable space size among users in the market.
“We were intrigued by the opportunity to acquire quality product like this that matches the suite size users want and can’t readily find in this area,” said Gallagher. “Leasing velocity continues to accelerate as the market continues to expand, and this project is poised to capture the demand,” Gallagher concluded.
Trent Agnew and Dom Espinosa of JLL Capital Markets brokered the transaction. JLL will also handle the lease-up of the available space in the buildings. Nolen said leasing interest has been strong.
The Innovation Business Park transaction comes five months after CenterPoint Properties invested in a low-coverage infill facility at 3830 Promontory Point, the company’s first-ever acquisition in the Austin market.
About CenterPoint Properties
CenterPoint is an industrial real estate company made up of dedicated thinkers, innovators and leaders with the creativity and know-how to tackle the industry’s toughest challenges. And it’s those kinds of problems — the delicate, the complex, the seemingly impossible — that we relish most. Because with an agile team, substantial access to capital and industry-leading expertise, those are exactly the kinds of problems we’re built to solve. For more information on CenterPoint Properties, follow us on LinkedIn. For all media inquiries, including requests for interviews with CenterPoint executives, please contact media@centerpoint.com or 630.586.8285.
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