Hanover Turns Over Industrial Leaf, Market briefs

In Round Rock, Texas, Hanover Company, a Houston-based developer specializing in high-rise apartment towers is constructing its first warehouse.

Founded by Murry Bowden about 40 years ago, Hanover has 73,608 units in a multifamily portfolio spread across the nation and it has an additional $2.7 billion under construction.

Hanover’s first warehouse project will be located in Round Rock, a suburb on the north side of Austin.

“We are excited to announce our inaugural industrial project as we move towards 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.”

In Called Settlers Park Business Center, it will be a three, building, 361,000-SF light industrial facility on North Red Bud Lane.

The project is only 10 miles from Samsung’s 1,200-acre semiconductor facility in Taylor, Texas. Samsung has a $17 billion semiconductor plant under construction there.