JLL to serve as strategic leasing partner for new Class A, Austin-area industrial project
Innovation Business Park in Hutto, Texas offers Class A Industrial Space in North Austin
AUSTIN, April 21, 2020 – JLL announced today the firm has been selected as the exclusive leasing agents and property managers for Innovation Business Park. Innovation Business Park is a newly developed master planned industrial park located in North Austin at 1005 New Technology Boulevard in Hutto, Texas, and is directly accessed from State Highway 130 and I-35 via US 79.
This strategic North Austin location offers access to major Texas markets including Houston, Dallas-Fort Worth and San Antonio along with quick access to central Austin via SH 130.
Innovation Business Park was purchased in a venture formed by St. Clair Commercial Real Estate (“SCCR”) and Ledo Capital Group (“LCG”). This marks the tenth Texas acquisition by SCCR/LCG, with additional announcements forthcoming.
“The venture is thrilled to have almost tripled our portfolio in Austin with the acquisition of Innovation Business Park,” said Greg St. Clair, Principal, St. Clair Commercial Real Estate. “This is a key location in Austin and allows us to deliver institutional quality industrial product for mid to large users targeting occupancy in North Austin. Anthony Brent and Ryan Martin of Ledo Capital funded the transaction through a new strategic institutional relationship, allowing the SCCR/LCG venture to further expand its platform through the acquisition of existing value add and new Class A development opportunities in Austin and throughout the key Texas markets. The venture is quickly approaching two million square feet of acquisitions.”
The development consists of two Class A buildings totaling 381,598 square feet. Building One, encompassing 148,720 total square feet of Class A industrial space, has 69,720 square feet currently available. Building Two, which is currently being constructed and will encompass 212,374 square feet of industrial space upon completion. Building Two broke ground upon closing and is expected to deliver Q4 2020.
JLL Senior Vice President Ace Schlameus and Vice President Kyle McCulloch are leading the marketing and leasing effort for the property on behalf of the ownership.
“Newly developed Innovation Business Park provides terrific amenities including cross dock loading, large secured truck courts, flexible divisibility and expansion, 30- to 32-foot ceiling heights, city incentives including grants and rebates, and Freeport Exemption to deliver tremendous value for prospective tenants,” said Schlameus. “Paired with its proximity to State Highway 130, these properties are ideally positioned for tenants interested in tapping into the growing metros across the state.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Innovation Business Park
Innovation Business Park has been purchased in a venture formed by St. Clair Commercial Real Estate (“SCCR”) and Ledo Capital Group (“LCG”). SCCR is a privately held commercial real estate investment firm focused on acquiring assets in the Southwestern US with an emphasis in Southern California and Texas. Ledo Capital Group (“LCG”) is a diversified investment company which acquires, develops and provides a strategic investment capital platform to operators, developers, brokers and real estate professionals in the capitalization of opportunistic and value add oriented projects in Southern California, Texas & other select western region markets. Innovation marks the tenth Texas acquisition by SCCR/Ledo. Institutional equity has been provided by Cigna, with debt financing from Independent Bank.