ROUND ROCK, Texas – (Realty News Report) – Hanover Company, a Houston-based developer long known for high-rise multifamily projects, is expanding into industrial development with its first warehouse project.
Founded roughly 40 years ago by Murry Bowden, Hanover manages a national multifamily portfolio of 73,608 units and currently has about $2.7 billion in projects under construction.
The company’s inaugural industrial development will be built in Round Rock, a fast-growing suburb north of Austin.
“We are excited to announce our inaugural industrial project as we move toward a more diversified product offering,” said Hanover CEO Brandt Bowden. “We pursued this product type through our world-class development platform to provide another investment option for our capital partners. We are especially pleased that one of our long-time capital partners, J.P. Morgan Asset Management, has invested with us in this project.”
Named Settlers Park Business Center, the development will consist of three light-industrial buildings totaling approximately 361,000 square feet on North Red Bud Lane.
The site is strategically close to major regional manufacturing and logistics activity, located about 10 miles from Samsung’s 1,200-acre semiconductor campus in Taylor, Texas, where a $17 billion semiconductor plant is under construction. That nearby investment supports demand for industrial space and regional supply-chain services.
Hanover’s move into light industrial marks an intentional diversification of its development pipeline, leveraging its established capital relationships and development expertise to enter a new property type. The company’s large multifamily footprint and robust construction pipeline provide scale and institutional backing as it broadens its product mix.
Round Rock and the greater Austin region have seen steady industrial absorption in recent years as technology, manufacturing and distribution firms expand operations in Central Texas. Proximity to major projects like Samsung’s semiconductor facility enhances the appeal of industrial land and finished buildings for tenants serving semiconductor supply chains, construction vendors and regional logistics providers.
Settlers Park Business Center will offer modern light-industrial specifications suited to distribution, assembly and support operations that benefit from access to Austin’s labor pool and Texas’s transportation network. The three-building campus is designed to meet market needs for flexible industrial space while benefiting from Hanover’s institutional development platform and a partner-backed capital structure.
Aug. 6, 2024 Realty News Report Copyright 2024
Image: Hanover
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File: Hanover Turns Over Industrial Leaf David Hudson, Rock Rock, Hanover Turns Over Industrial Leaf