Multi-million dollar project will add 160,000 square feet of industrial space
The Round Rock Chamber today announced that EastGroup Properties, Inc. will invest over $7 million to build two new speculative industrial buildings in Round Rock. EastGroup is a self-administered equity real estate investment trust (REIT) focused on the development, acquisition, and operation of industrial properties in major sunbelt markets throughout the United States.
Mayor Craig Morgan stated, “With a vacancy rate below five percent in Round Rock for industrial speculative space, this project is a huge win for our community.”
The chamber and the City of Round Rock worked very closely with EastGroup to make this project a reality. The first phase of the project will add 160,000 square feet of space on twelve acres of land located at 900 E. Old Settlers Blvd. The initial two buildings are expected to be complete by third quarter 2018.
“The Settlers Crossing project is Class A space in a Class A municipality,” commented David Y. Hicks, Jr., vice president of EastGroup Properties. “Our company has purchased thirty acres of land at this site and our future development goals include a master-planned, multi-phased project consisting of four business distribution buildings totaling 340,000 square feet.”
EastGroup’s strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. EastGroup’s portfolio, including development projects in lease-up and under construction, currently includes 38.6 million square feet.
“Having truly speculative building space developed in Round Rock is a good signal that our economy is thriving,” said Ben White, vice president of economic development for the Round Rock Chamber. “These new buildings are a much-needed selling tool for our business attraction and business retention and expansion efforts.”