Olive Breaks Ground on Austin Industrial Park
Olive Co. has started work on McCarty Park, an industrial campus taking shape on nearly 100 acres in San Marcos, Texas. At full build-out, the complex will comprise some 768,400 square feet across six facilities.
The spec project’s first phase, involving the development of three rear-load buildings totaling some 343,700 square feet, is slated for completion by the second half of 2025.
Phase One will occupy more than 48.6 acres, roughly half of the park. Its three buildings will range from 94,600 square feet to 127,400 square feet and feature 28- to 32-foot clear heights.
READ ALSO: E-Commerce Growth Revives Industrial Market
The property’s truck courts will be as much as 170 feet deep. There will be parking for 496 autos, as well as designated trailer parking. CBRE Senior Vice President Darryl Dadon and Associate Olivia Reed are in charge of marketing and leasing the project.
Carrying the address 1600 E. McCarty Lane, the site is in the Interstate 35 Corridor between San Antonio and Austin, Texas, with proximity to both Austin-Bergstrom and San Antonio International Airports. The location has direct access to both I-35 and Highway 123.
McCarty Park is Olive’s first development in Central Texas, as the firm has confidence of the area’s continuous growth.
And the Oklahoma City-based company is hardly the only industrial real estate player interested in San Marcos. Recently, Triten Real Estate Partners acquired Central Texas Logistics Center, a seven-building, 485,885-square-foot industrial portfolio which represented its entry into the market as well.
Industrial vacancy rate down over the quarter
Greater Austin had nearly 10 million square feet of industrial space under construction in the third quarter of this year, according to a recent CBRE report. More than 99 percent of product was speculative distribution space.
Meanwhile, the metro witnessed nearly 1.6 million square feet of total net industrial absorption, the report shows, bringing market vacancy down 230 basis points quarter-over-quarter to 13.6 percent. Tesla occupying 430,000 square feet and Seoyon E-Hwa with 212,000 square feet were the main absorption drivers.
Tesla and Samsung have invested heavily in the metro, CBRE notes, spurring interest in the region by multinational and domestic automotive and semiconductor operations, especially Tesla suppliers HBPO, Simwon America Corp. and U.S. Farathane. Samsung suppliers LS Electric Co. and Hanyang Eng USA have also expanded in the region.
The post Olive Breaks Ground on Austin Industrial Park appeared first on Commercial Property Executive.
