With plans to build 620,000 square feet of Class-A warehouse/distribution space across three buildings on spec, Stonelake Capital Partners recently broke ground on a 48-acre industrial development on I-35 in Georgetown, a suburb north of Austin.
Austin-based Stonelake plans to build the Georgetown Logistics Park at the southwest quadrant of the I-35 and SH 130 intersection at 1800 Aviation Drive, just east of Georgetown Municipal Airport. The company expects to complete construction in March 2023.
The Georgetown Logistics Park will include a 426,240-square-foot cross dock building with a 40-foot clearance height and 82 trailer parking stalls, 123,200-square-foot shallow bay rear loaded building with a 36 foot clearance height, and a 70,300-square-foot rear-loaded building with a 32-foot clearance height. All three buildings will be constructed in one phase.
The Austin area's rapid population growth, labor demographics, and the Samsung and Tesla manufacturing plants located along SH 130 all played a role in the decision, said Stonelake's Travis Eickenhorst. "We expect the project to capitalize on strong demand for e-commerce, last-mile delivery, warehouse/distribution, and manufacturing tenants," he said.
Powers Brown Architects will design the project with Pape Dawson Engineers. Zapalac Reed is the general contractor for the project. JLL's Ace Schlameus, Kyle McCulloch, and Greta Reid will handle leasing.
Georgetown Logistics Park will bring Stonelake’s total industrial ownership in Austin to 1.52 million square feet across 28 industrial buildings. The company was was founded in Austin in 2007 by Kenneth Aboussie and John Kiltz. It buys and develops infill warehouse buildings in U.S. submarkets with a high barrier to entry, specializing in Texas and Sunbelt markets where job and population growth significantly outpace the national average. The real estate private equity firm has offices in Austin, Dallas, Houston, and Atlanta and owns over $3.0 billion of commercial real estate in Sunbelt markets.
