Rastegar Industrial, Austin, Texas
AUSTIN, Texas, Feb. 16, 2021 (GLOBE NEWSWIRE) — Rastegar Industrial, the industrial arm of Rastegar Property Company, today announced its developing an industrial project at 11708 McAngus Rd, minutes away from State Highway (SH) 130, the industrial backbone of Austin. Capitalizing on the City’s sky-rocketing demands for increased, contiguous industrial capacity, the approximately 530,000 net rentable square foot industrial project 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 from Tesla’s Gigafactory and 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, 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, AZ.
About Rastegar Property Company
Rastegar Property Company is a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the Southwest United States. Rastegar and its affiliates have co-invested in or directly own and operate over 13.8 million square feet of real estate across projects in 13 states and 38 cities. The firm specializes in acquiring complex or undervalued assets with opportunities to create value through repositioning, redevelopment, and/or improved operational efficiencies.
Media Contact
Rob Kreis
FischTank PR
rastegar@fischtankpr.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/760d00de-00fe-46fc-ac81-fefc21ff5a7e
