Blackstone’s Link Logistics Real Estate has been developing more than 1 million square feet of industrial space in the Texas capital city of Austin.
The company’s latest project is a three-building development totaling nearly 370,000 square feet. The future complex at 2100 S. AW Grimes Boulevard, totals $28.2 million in expected costs, according to the Austin Business Journal.
Building A is 138,715 square feet, Building B is 126,240 square feet, and Building C is 103,250 square feet, according to March 28 filings with the Texas Department of Licensing and Regulation. All three were described as “one-story, cold, dark shell” developments.
The Grimes Boulevard development is set to break ground in June, which will make for a busy summer as Link is also expected to break ground on its Settlers Grove project in May. The 631,000-square-foot industrial warehouse development at 2200 Chisholm Trail will cost around $38 million.
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In the fourth quarter, Austin’s industrial vacancy rate fell to 4 percent – the second-lowest recorded, according to NAI Partners. That was a 4.8 percent drop from the previous quarter and a 7.1 percent drop from the same quarter of 2020.
The Georgetown/Round Rock submarket had a slightly higher vacancy rate at 6.8 percent. In the fourth quarter, the area offered an average monthly asking rent of $0.73 per square foot compared to the greater metro average of $0.98 per square foot, according to NAI partners.
At the end of 2021, Link reported having a stake in or properties under development totaling 534 million square feet, with about 98 percent of it leased, and that it has expanded its development pipeline to $7.1 billion.
Established in 2019 to bring online warehouses and bolster supply chains, Link Logistics has about 6 million square feet and more than 70 properties in the Austin area, according to its website. Notable projects include the 468,405-square-foot Southpark Commerce Center in South Austin and the 564,080-square-foot Northeast Crossing in Manor, where tenants include electric and solar suppliers and packaging and paper products suppliers.
[ABJ] – Maddy Sperling