The demand for industrial space in the Austin area rages on, with a project near the airport $18 million in financing.
MDH Partners, an Atlanta-based real estate investment company, closed on $17.8 million in financing from Regions Bank for the project, called 71 Logistics Center.
The industrial building, which will have 216,000 square feet of space, broke ground in August on 45 acres near the airport.
The building is at Texas 71 and Norwood Lane, 6 miles southeast of the airport, in the five-county Austin region that is home to more than 2.2 million people.
Once completed in the second quarter of next year, 71 Logistics Center will increase MDH Partners’ Texas footprint to more than 3.7 million square feet of space. Tenant prospects have not yet been announced.
The total cost of the project is $33.9 million, including the Regions Bank loan. The rest of the funding is from MDH's Fund II.
“We’re excited to add the 71 Logistics Center development to our existing Texas portfolio," said Matt Gregory, senior vice president at MDH Partners. "This project is designed to accommodate a wide variety of tenants, providing users excellent proximity to the Austin metro as well as abundant trailer and auto parking."
Once complete, the new industrial building will have 142 parking spaces and 54 trailer parking spaces, among other features.