A Dallas-based investor added a near $37 million stake in the Austin warehouse market.
Provident Realty Partners plans to build the Wildhorse Business Park, a 657,300-square-foot shell warehouse/office complex just outside of Austin, in Manor. Construction costs are estimated at $36.8 million, with construction beginning in January and finishing in early 2024.
The site at 10095 East U.S. Highway 290 is the address of Capitol Wright Distribution, a Miller/Coors distributor whose 380,000 square feet were built on 63 acres in 2016, according to a CommercialCafe listing.
Provident also developed the 568,600-square-foot, 69-acre Hwy 114 Distribution Center in the Dallas suburb of Roanoke, which was sold in October to Los Angeles-based Cohen Asset Management.
Provident also has industrial holdings in the DFW submarkets of Midlothian, Las Colinas and Plano.
Texas’ industrial market has been especially active this year, accounting for more than 20 percent of all construction nationally.
Austin had about 8.3 million square feet of industrial under construction back in July, and the market continues expanding. Dallas-based Stillwater Capital is building a $40 million 451,000-square-foot shell warehouse in southern Travis County that will begin construction next year.
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