Dogwood Industrial Properties, a platform backed by TPG Real Estate Partners, recently acquired Innovation Business Park Building III from Titan Development, the building’s developer. Terms of the transaction were not disclosed.
“We are seeing sustained and rapid industrial growth along the I-35 corridor which signals that Austin’s industrial real estate story is just getting started,” said Joe Iannacone, vice president of development for Titan Development. “With major companies announcing acquisitions in Austin almost daily, we expect larger market shifts towards e-commerce, and domestic manufacturing will continue to drive increased demand for class-A industrial product in Hutto and other nearby industrial parks.”
Located at 1150 New Technology Blvd. in Hutto, Innovation Business Park III is part of a six-building development from Titan Development. The 152,234-square-foot industrial building was delivered in fourth quarter 2020 in shell condition and is ready for tenant improvements. The property is 62 percent leased to EDC Moving Systems with 58,262 square feet still available for lease.
Omar Nasser, Blake Patterson and Leigh Ellis of Aquila Commercial represented the seller and buyer in the transaction.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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