Austin: Rastegar Industrial to Build 530,000 SF Facility by Circuit of the Americas
Feature Illustration: Rendering of the proposed distribution center by Rastegar Industrial. Courtesy: Rastegar Property Company.
by Art Benavidez
Austin (Travis County) — Rastegar Industrial, a Rastegar Property Company, announced last week that it is developing an industrial project in the southeastern portion of the city.
The development will be located near the Circuit of Americas, at 11708 McAngus Road, minutes away from State Highway 130, in the industrial backbone of Austin.
Construction of the 530,000 net rentable square foot industrial project is expected to begin in the fourth quarter of 2021 or the first quarter of 2022.
The development is expected to be completed by the third quarter of 2022, with Newmark leasing the property for Rastegar.
Rastegar anticipates having a tenant in place to collaborate on site development for the 50-acre parcel that is located within an opportunity zone, and a few miles south of Tesla’s Gigafactory and the Austin-Bergstrom International Airport.
Map of the Rastegar Industrial project site. Image: Google Maps/VBX graphic.
The development will provide six buildings including smaller and mid-sized rear loaded facilities as well as a 200,000 square foot cross dock facility.
Rastegar informed Virtual Builders Exchange that it has not yet hired the general contractor.
The property is well-positioned to meet demand for e-commerce needs being driven by the region’s demographic trends and will benefit from the multitude of new development and redevelopment in the area, according to a news release.
In addition to Tesla’s new Gigafactory, luxury fashion and beauty brand Chanel is completing a manufacturing facility a few miles away.
Circuit of the Americas, home to the Formula 1 United States Grand Prix, as well as concerts and other events, is also planning massive redevelopment that includes a hotel, water park and more.
“Austin is one of, if not the fastest growing metro in the United States. The world’s greatest tech companies and manufacturers are all moving to the region, creating an imminent need for more industrial space,” said Ari Rastegar, CEO of Rastegar Property Company. “State Highway 130 stretches all the way down to San Antonio and provides an alternative route to heavily congested Interstate 35, making it appealing to industrial facilities for distribution. Between Tesla, Chanel, this property and the many other developments, it is the most active corridor in the entire region.”
Opportunity zone land investments offer unique opportunities for investors to create value in economically underserved areas.
This acquisition is one of several successful opportunity zone purchases made by Rastegar, including a recent acquisition in Phoenix, Arizona.
Hunter Floyd, Rastegar’s director of design and formerly a vice president at the Austin office of Corgan, is the architect leading the company’s vision for this development.
Adolfo Pesquera (Reporter/Editor) is a veteran news journalist. He has worked for Hearst Corp., American Lawyer Media, News Corp and Freedom Communications. His work has been published in newspapers and magazines across the USA. He is a journalism graduate of UT-RGV. He writes, edits and creates digital pages for VBX.