The first purchase by a Partners Capital land fund makes one thing clear: undeveloped land along Interstate 35 in Waco is going fast.
The investment arm of Houston-based Partners Real Estate acquired a 153-acre tract known as Waco Gateway Park. It’s the latest deal in south Waco along the thoroughfare that bisects Texas through San Antonio, Austin and Dallas.
Partners Capital’s Land Fund I launched in April and is one of the firm’s seven funds.
The plan is to develop the site’s stormwater and sewer infrastructure and extend Gateway Boulevard through the property to I-35. Partners will then sell the property to commercial developers.
Because the area is home to such a diverse array of industries, this new project could provide companies with logistics sites to streamline their operations, said Dan Moody of Partners Capital.
The sale comes as the city embarks on a $2 billion project to redevelop downtown Waco. Last month, Waco City Council approved two contracts for the effort, the Waco Tribune-Herald reported. It’s now looking for a master developer.
Waco Gateway Park isn’t the only spot in the neighborhood primed for development.
In July, a 130-acre tract along I-35 also hit the market. That parcel is located at 7072 Jack Kultgen Expressway Woodway, about 2 miles north of Waco Gateway Park.
Earlier this year, Graphic Packaging International announced plans to build a 650,000-square-foot recycling mill next to the Waco Gateway Park property. The $1 billion project is expected to generate 230 jobs.
Partners Capital’s land fund focuses on acquiring undeveloped land in Texas and throughout the Southeast. In the last seven years, Partners Capital has completed more than $500 million in transaction volume. Its portfolio features more than 1.4 million square feet of property.
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