AUSTIN, TEXAS – EastGroup Properties, a self-administered equity real estate investment trust focused on industrial properties in major Sun Belt markets of the United States, broke ground on Stonefield 35 in Buda, Texas, on Sept. 12. Transwestern is handling leasing for the project.
Stonefield 35 consists of three state-of-the-art, rear-load industrial buildings totaling 275,559 square feet, located at the northeast Intersection of Robert S. Light Blvd. S. and IH-35 in Buda, Texas. The project has full Interstate 35 (IH35) frontage access with excellent visibility from both northbound and southbound traffic.
“EastGroup Properties will grow its Austin market footprint to 1.6 million square feet upon the completion of this project,” said David Hicks, Vice President with EastGroup Properties. “We are excited about the long-term growth and potential of the larger Austin metro area and even more excited about the high growth we are seeing in the Hays County/Buda submarket.
He continued, “We believe that our business distribution buildings, with IH35 visibility and frontage, high image facades, varying building sizes, each with multiple storefronts, will be a timely addition for tenants in need of distribution, light manufacturing, and/or showroom uses.”
Situated on an approximately 21-acre site, this Class A industrial project is designed for maximum flexibility to accommodate users from 17,000 square feet to 275,559 square feet. All three buildings in the project have 180-foot building depths, 28-foot clear heights, ESFR sprinklers, and include ample parking, dock-high and ramp loading.
Buda, Texas, is in the Hays County submarket, which has experienced explosive growth of industrial product. Rental rates for industrial product have increased by 12.8% over the last 12 months, and vacancy had dropped from 18.9% before the pandemic to 4.5% currently – a 76% decline. Buda is located along the IH35 leg of the Texas Triangle, the main import/export logistics triangle formed by IH35, IH10 and IH45. The Texas Triangle is the major distribution route for domestic, interstate and international goods in the state, connecting the major metros and serving as the origination hub for all cities and regions in Texas.
“The north and southbound IH35 visibility and access of Stonefield 35 is an absolute game changer,” said said Transwestern’s Nash Frisbie. “For tenants seeking highly trafficked signage, this development’s highway frontage is the equivalent of having a business advertisement on a highway billboard. We expect this project to capitalize on the continuous growth of the City of Buda and Hays County.”
Stonefield 35 was designed by Pross Design Group while RC Page Construction is handling the general contracting. Stonefield 35 provides flexible square footage needs and will attract a wide variety of industrial tenants that desire storefront visibility and various loading capabilities. The project is expected to deliver mid-year 2023. More information about Stonefield 35 is available in the project brochure.
About EastGroup Properties
EastGroup Properties, Inc. (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition, and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina. The Company’s goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location sensitive customers (primarily in the 15,000 to 70,000 square foot range). The Company’s strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. The Company’s portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently includes approximately 55 million square feet. Learn more at www.eastgroup.net
About Transwestern
Transwestern Real Estate Services (TRS) adds value for investors, owners, and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, investment management, and opportunistic endeavors for high-net-worth investors. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at www.transwestern.com and @Transwestern.
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Karen Judson
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karen.judson@transwestern.com
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