Core5 JV Breaks Ground on 1.8 MSF Project

Rendering of Core5 Logistics Center. Image courtesy of Partners Real Estate

Core5 Industrial Partners, in a joint venture with MBK Industrial Properties, has broken ground on Core5 Logistics Center in Schertz, Texas. This is Core5 and MBK’s first industrial project in San Antonio.

The industrial park is being developed in two phases, with phase I slated for completion by November 2023. Carlos Marquez and Brett Lum of Partners Real Estate are the exclusive leasing agents for the property, which is offered for sale and lease.

According to a statement offered to the San Antonio Business Journal, Liam Logan, Core5 director of investments, mentioned that the costs for this project will be financed through equity from its Japanese parent company, Kajima Corp. The same source shows that the construction site was purchased for $5.7 million.

Phase I of the industrial complex consists of two buildings, totaling 1,000,080 square feet, with cross-dock and rear-load configurations. The other two buildings, still in the prospective stages according to CommercialEdge data, will offer a total of 788,940 square feet of cross-dock and single-loaded space configuration. Upon completion, the complex will feature 40-foot clear height, ESFR sprinkler system, truck courts, drive-in ramps and car parking with dedicated entrances.

Core5 Logistics Center will rise at 4703 Scenic Lake, just 20 miles from San Antonio. The location provides access to other major cities in the state, such as Austin via Texas Toll 130, Houston via Interstate 10, and Dallas via Interstate 35.

Growing interest for San Antonio

Liam Logan said in prepared remarks that San Antonio’s vacancy rate of 3.5 percent, in a market that attracts tenant interest, is a strong fundamental that contributes to the need for more industrial development in the area.

Several industrial projects in San Antonio were announced this year, including the development of Cornerstone Commerce Center, as VanTrust Real Estate announced the plans for the first phase of the industrial campus back in April.

In May, Koontz Corp. broke ground on the first phase of Westport Industrial Park, a 374,400-square-foot speculative development. The first two buildings are slated for delivery in early 2023. Lastly, Stream Realty Partners also started the construction of Interpark Logistics Center back in August. The park will encompass five buildings, totaling 689,215 square feet.