AUSTIN – (Realty News Report) — Rastegar Industrial is developing a 530,000-SF industrial project near the new Tesla Gigafactory in east Austin.
The industrial project is expected to be completed by the third quarter of 2022. Newmark will be leasing the property for Rastegar.
Tesla will be spending over $1.1 billion for the Austin factory – projected as a 5 million-SF facility with 5,000 employees assembling Tesla’s new Cybertruck pickup and other electric vehicles.
Last year, Tesla, a company led by Elon Musk, acquired 2,000 acres on Highway 130 for the car plant which is under construction at a fast pace. The land is along the banks of the Colorado River was acquired from Martin Marietta, a North Carolina cement maker, for $97 million.
Rastegar Industrial, the industrial arm of Rastegar Property Company, it developing the property at 11708 McAngus Road, near State Highway 130, the industrial backbone of Austin. It is expected to be completed by the third quarter of 2022. Newmark will be leasing the property for Rastegar.
Rastegar anticipates having a tenant in place to collaborate on site development for the 50-acre parcel that is located within an Opportunity Zone, a few miles the Austin-Bergstrom International Airport.
The property is well-positioned to meet demand for e-commerce needs being driven by the region’s demographic trends and will benefit from the multitude of new development and redevelopment in the area.
In addition to Tesla’s new Gigafactory, luxury fashion and beauty brand Chanel is completing a manufacturing facility a few miles away. Circuit of the Americas, home to the Formula 1 United States Grand Prix auto race, as well as concerts and other events, is also planning massive redevelopment that includes a hotel, water park and more.
“Austin is one of, if not the fastest growing metro in the United States. The world’s greatest tech companies and manufacturers are all moving to the region, creating an imminent need for more industrial space,” said Ari Rastegar, founder and CEO of Rastegar Property Company. “State Highway 130 stretches all the way down to San Antonio and provides an alternative route to heavily congested Interstate 35, making it appealing to industrial facilities for distribution. Between Tesla, Chanel, this property and the many other developments, it is the most active corridor in the entire region.”
Opportunity Zone land investments offer unique opportunities for investors to create value in economically underserved areas. This acquisition is one of several successful Opportunity Zone purchases made by Rastegar, including a recent acquisition in Phoenix.
Feb. 16, 2021 Realty News Report Copyright 2021
File: Tesla Gigafactory Getting Neighbor
Rendering courtesy Rastegar
File: (2) Elon Musk. Tesla Gigafactory Getting Neighbor. Rastegar. Highway 130. Austin