Rendering of Hero Approach West. Picture courtesy of JLL
JLL Capital Markets has organized three way partnership fairness and development financing for Hero Approach West, an industrial challenge in Leander, Texas, totaling 227,200 sq. toes of Class An area. The corporate labored on behalf of Freehill Improvement Co.
Hero Approach West can be a three-building industrial improvement that may embrace 28-foot clear heights, ample parking areas, dock-high rear loading capabilities and a visual showroom house. The buildings will cater to small companies from Central Texas and can provide shallow-bay house ranging from 8,000 sq. toes. Some 24,500 sq. toes of house is already preleased. The developer expects to ship the challenge within the fourth quarter of 2024.
Shallow-bay merchandise in Central Texas
Located on an almost 17-acre lot, alongside Hero Approach, the challenge can be near U.S. Route 183 and 11 miles from Interstate 35, offering quick access to Austin, San Antonio and Dallas, whereas being 16 miles from Georgetown, Texas, 19 miles of Spherical Rock, Texas, and inside 37 miles of Austin-Bergstrom Worldwide Airport.
Hero Approach West is without doubt one of the 5 industrial tasks introduced by the developer, a part of a 1.1 million-square-foot improvement initiative that may happen round Austin, San Antonio, San Marcos and Dripping Springs submarkets of Texas. Earlier in February, Freehill Improvement Co. broke floor on the primary challenge in its pipeline: 1310 Westinghouse Highway in Georgetown, Texas, a 176,546-square-foot industrial challenge.
The JLL Capital Markets crew of Senior Director Charlie Strauss, Senior Managing Director Trent Agnew and Administrators Tom Weber and Josh Villarreal labored on behalf of the developer to rearrange the three way partnership fairness, whereas Managing Administrators Chris McColpin and Michael Johnson secured the floating-rate development financing.
Earlier this 12 months, Prologis Inc. introduced its plans to develop a 629,000-square-foot logistics challenge in Cedar Park, Texas, a suburb of Austin. The commercial campus will rise on a 75-acre web site and can be composed of 5 buildings, with supply anticipated in early 2024.
