Titan Development recently broke ground on its NorthPark35 Building5 industrial project, with which they aim to build a total of 297,057 square foot Class A industrial facility referred to as Building 5, at the NorthPark35 Industrial Park in Georgetown, Texas.
The NorthPark35 Building5 industrial project is being built to accommodate the Greater Austin Merchant’s Cooperative Association (GAMA), a wholesale distribution company involved in the convenience and gas industry. GAMA will relocate from its old 68,000 square foot distribution and commerce center, near U.S. Highway 183 to Building 5 in NorthPark35. GAMA’s old distribution center will continue operating as a cash-and-carry facility until construction on Building 5 is completed.
The Senior V.P at Titan, Joe Iannacone, mentioned that the company was excited about partnering with GAMA on the NorthPark35 Building5 industrial project. He said that the project’s site was at a prime location in the booming Austin and Georgetown area, which will increase GAMA’s ability to expand its services, reduce costs and also enable its growing independent retailer network to overcome the challenges of increasing competition in their markets.
The CEO at GAMA, Shane Walker, mentioned that Titan and Georgetown were great partners and they had been a huge help in planning their new facility at NorthPark35. Walker said the new facility would be a key part of GAMA’s future plans and the company was excited about the new opportunities that this new facility would offer to its members, such as increased distribution efficiencies and greater inventory storage.
Funding and timeline for the NorthPark35 Building5 industrial project
The NorthPark35 Building5 industrial project is being financed by the Titan Development Real Estate Fund II (TDREF II), a private equity real estate fund that is targeted at industrial and multifamily real estate developments in Colorado, California, New Mexico, and Texas. The project is expected to be completed by Q4 of 2022.
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Development plans for the NorthPark35 Industrial Park show that it was designed to provide enough room for companies in need of flexible spaces, within the ranges of 50,000 to 80,000 square feet. At full build-out, the industrial park will feature more than 1.7 million total square feet of space, with an extension of Aviation Drive, connecting to Interstate 35 and State Highway 130.
