An Atlanta-based private real estate investment firm has finalized its acquisition of land in the Austin area for a new facility, according to a report from Austin ABC affiliate KVUE.
Stonemont Financial Group said in a company issued press release that it has closed the transaction, essentially paving the way for it to build a 230,000-square-foot facility in Georgetown. According to KVUE, Stonemont will name the facility Westinghouse35. It'll sit on an 18-acre site near Interstate 35 and Westinghouse Road, the station reported.
“With the industrial landscape of Central Texas growing at an accelerated rate, it was a natural decision to plant our flag in the region and utilize our spec development expertise to help address the needs of the market," Stonemont CEO and managing principal Zack Markwell said in the release. "Stonemont is proud to play a part in greater Austin’s growth story as one of the top places for innovation and development in the nation. The entire state of Texas is keeping us busy as we continue to build out a network of meaningful partnerships that will position us for steady growth and success in the years ahead.”
According to Stonemont, it expects to finish the project during the first half of next year.
The release said the facility will consist of 32-foot clear heights, 58 dock doors, at 340 parking stalls and 68 full-size trailer parking stalls.
It's the company's first development in Central Texas, KVUE reported.
Stonemont hopes to fill a void for Class A industrial product in the area and be of service to various e-commerce and third-party logistics providers that have set up shop, according to the station.
KVUE reported that Stonemont has a presence in North Texas, boasting 1.5 million square feet of distribution centers and speculative development buildings under management or construction. McKinney, Fort Worth and South Dallas are home to warehouses belonging to the company.