Rastegar Unveils Plans for Austin Industrial Park
- Feb 16, 2021
Rastegar Industrial, the industrial arm of Rastegar Property Co., is planning to bring more than half a million square feet of contiguous industrial space to Austin, Texas, with the construction of its latest project.
The company expects to break ground on a 530,000-square-foot industrial property in the fourth quarter of 2021 or in early 2022. While the project doesn’t have a general contractor yet, Rastegar tapped Newmark to handle leasing for the property. Completion is expected in the third quarter of 2022.
Located at 11708 McAngus Road, the project will feature six buildings including smaller and mid-sized rear-loaded facilities alongside a 200,000-square-foot cross-dock facility. Rastegar will build the new development on a 50-acre parcel that’s within an Opportunity Zone. While the new industrial property will not be a build-to-suit project, Rastegar is expecting to have a tenant in place to collaborate on the site’s development. Ari Rastegar, founder & CEO of Rastegar Industrial’s parent company Rastegar Property Co., told Commercial Property Executive that there are numerous major credit tenants that are interested in the property.
Rastegar’s project will have close access to State Highway 130 and the Austin-Bergstrom International Airport.
Active industrial interest in Austin
Rastegar said in prepared remarks that Austin is seeing a strong demand for industrial space, as major tech companies and manufacturers are moving into the region. The company’s industrial park will be among several other industrial projects underway, including Tesla’s Gigafactory Texas and Chanel’s manufacturing facility nearby.
”Given the incredible demand for industrial in Austin specifically, it only makes sense that we bring this to market now especially considering its location,” Rastegar told CPE. “Between Tesla’s Gigafactory, Chanel’s manufacturing plant, the proximity to the airport, and now this property, [the 130 corridor is] the hottest strip of land in Austin, and we’re happy to fill that drastic need for industrial in the city.”