JLL Capital Markets has arranged joint venture equity and construction financing for Hero Way West, an industrial project in Leander, Texas, totaling 227,200 square feet of Class A space. The company worked on behalf of Freehill Development Co.
Hero Way West will be a three-building industrial development that will include 28-foot clear heights, ample parking spaces, dock-high rear loading capabilities and a visible showroom space. The buildings will cater to small businesses from Central Texas and will offer shallow-bay space starting from 8,000 square feet. Some 24,500 square feet of space is already preleased. The developer expects to deliver the project in the fourth quarter of 2024.
Shallow-bay products in Central Texas
Situated on a nearly 17-acre lot, along Hero Way, the project will be close to U.S. Route 183 and 11 miles from Interstate 35, providing easy access to Austin, San Antonio and Dallas, while being 16 miles from Georgetown, Texas, 19 miles of Round Rock, Texas, and within 37 miles of Austin-Bergstrom International Airport.
Hero Way West is one of the five industrial projects announced by the developer, part of a 1.1 million-square-foot development initiative that will take place around Austin, San Antonio, San Marcos and Dripping Springs submarkets of Texas. Earlier in February, Freehill Development Co. broke ground on the first project in its pipeline: 1310 Westinghouse Road in Georgetown, Texas, a 176,546-square-foot industrial project.
The JLL Capital Markets team of Senior Director Charlie Strauss, Senior Managing Director Trent Agnew and Directors Tom Weber and Josh Villarreal worked on behalf of the developer to arrange the joint venture equity, while Managing Directors Chris McColpin and Michael Johnson secured the floating-rate construction financing.
Earlier this year, Prologis Inc. announced its plans to develop a 629,000-square-foot logistics project in Cedar Park, Texas, a suburb of Austin. The industrial campus will rise on a 75-acre site and will be composed of five buildings, with delivery expected in early 2024.
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