Titan Development Adds to Austin Spec Project

NorthPark35 Industrial Park – Building I. Image courtesy of Titan Development

Titan Development has broken ground on the next phase of NorthPark35 Industrial Park in Georgetown, Texas, which has a total planned buildout of 1.7 million square feet. The beginning of the second phase, a 172,428-square-foot, Class A industrial facility, is slated for completion by May 2022.

Construction has wrapped on the first phase that includes a 172,677-square-foot building along with a facility totaling 157,300 square feet. The larger building has already been fully leased by Texas Speed and Performance, while the second facility is available.

Financing details

Titan Development financed the development through its $95 million Titan Development Real Estate Fund II, along with a $6.5 million construction loan, secured for the third building of the speculative industrial park, according to Williamson County records.

BOK Financial originated the financing package, as well as provided funding for the developer’s other Georgetown project. The initial phase of the spec industrial project dubbed Gateway35 Commerce Center is also scheduled for a 2022 completion.

Location and specs

Located at 101-201 Velocity Drive, NorthPark35 Industrial Park offers flexible spaces between 50,000 and 800,000 square feet. The third building will feature a 32-foot clear height, a 130-foot truck court, 35 dock doors along with two drive-in ramps. The underway facility will also be equipped with an ESFR sprinkler system and a 2,000-amp power supply.

Construction is ongoing on Aviation Drive, that will connect the industrial park to both Interstate 35 and State Highway 130. With the development adjacent to Georgetown Municipal Airport, notable tenants in the area include Vanguard Truck Rentals as well as HOLT CAT. Downtown Austin is roughly 32 miles south.

Austin continues to attract investors and is set to be home to one of the largest foreign investments in the U.S., with Samsung choosing one of its distant suburbs, Taylor, Texas, as the location for its $17 billion semiconductor plant.

Following positive net absorption in each quarter of 2021, with values surpassing 1 million square feet during each three-month span, vacancy rates continued to decline. As of the third quarter, industrial vacancy reached 1.7 percent, according to AQUILA Commercial data.