UPDATED, July 30, 2022, 10:19 a.m.: A subsidiary of Bridge Investment Group has purchased a 34-acre property in an industrial area of Austin populated mostly with warehouse distribution centers and offices. Austin-based Capital Commercial Investments is the seller.
Bridge Logistics Properties, a subsidiary of the investment group, bought the land, according to a person familiar with the deal. A company called Crossing Phase I Owner, which has the same business address as Salt Lake City-based firm Bridge Investment Group, is named as the property’s new owner on the deed. The sale price was not disclosed.
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The undeveloped land is near Burleson Road, part of the Colorado Crossing subdivision in Southeast Austin. The nearby area has seen frenzied development recently due to the presence of the Tesla factory under construction about 10 miles away.
Brookfield Residential Properties is developing Easton Park, a 2,300-acre master-planned community, just up the road from the land Bridge bought. It’s also about six miles from the Austin airport, which is undergoing a $4 billion expansion.
On the eastern perimeter of the $1.1 billion Tesla factory, Hines is building a 1,400-acre community called Mirador. A 127-acre industrial project from Blackstone unit Link Logistics is also in the works near the plant.