(AUSTIN, TEXAS) – Hines, the global real estate investment, development, and property manager, announced that it has formed a joint venture with The Galesi Group (“Galesi”) to develop a Class A industrial and logistics park at the northeast corner of Harris Branch Parkway and Parmer Lane in Austin, Texas. The site encompasses 150 acres and lies between Harris Branch Parkway and SH 130 and is accessed by both Howard Lane, from the north, and Parmer Lane, from the south.
The first phase of the project is being designed by Powers Brown Architecture and will offer 315,000 square feet of Class A industrial warehouse space across three buildings. The buildings will feature a sleek, distinctive design while also providing tenants with functional and efficient, state of the art floor space, all within a controlled business park setting. The park will contain approximately 1.7 million square feet of industrial and logistics space upon full build-out. The venture is located two miles from the Samsung Austin Semiconductor plant, less than one mile from SH 130, and less than ten miles from downtown Austin as well as the Tesla Gigafactory.
“The partnership allows us to expand our industrial footprint in Austin in a meaningful way and most importantly, offers tenants a large scale, master planned business park in Austin,” said Laura Denkler, managing director at Hines. “Demand for industrial space in Austin remains high, and our first phase is already in design and able to accommodate tenants ranging from 30,000-150,000 square feet.”
“The Galesi Group expanded into Austin in 1996 by purchasing the Harris Branch PUD. With the recent fast-paced growth of the 130-corridor, partnering with Hines will allow us to better match our development timeline with the demand for high-quality industrial space in the area,” said Ryan Buicko, vice president at The Galesi Group. “We are excited to bring on Hines as a strategic partner and look forward to the positive impact this project will have on our other multifamily and retail developments in Harris Branch.”
The site is in a PUD with LI Base Zoning and allows for warehouse distribution, light manufacturing, high-tech industrial, and e-commerce fulfillment center uses, among other permitted uses.
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 28 countries. We manage a $92.3B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 634 properties totaling over 225 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2022.
About The Galesi Group
The Galesi Group is a diverse national real estate company founded by Francesco Galesi in 1969. Galesi’s portfolio of sites has grown to include over 15 million square feet of industrial, commercial, retail and residential properties in 13 states. Galesi’s diversified group of companies also includes one of the largest third-party logistics companies in the Northeast and one of the largest independent producers of oil and gas in California. For further information, please visit http://www.galesi.com