Acquisition is the company’s first in Texas as it continues national growth of portfolio
Denholtz Properties announces it has acquired Clovis Crossing, a two-building, 213,125-square-foot newly constructed industrial property in San Marcos, Texas, from Freehill Development Company.
Located approximately 30 miles from both Austin and San Antonio, the acquisition of Clovis Crossing marks Denholtz Properties’ entrance to the Texas commercial real estate market. The newly constructed, Class-A, shallow-bay industrial property covers 13 acres and features 32’ clear ceiling heights making it ideally suited for a wide range of tenants. Beyond an adaptable design, tenants also enjoy easy access to both Austin and San Antonio via nearby Interstate 35. In addition, the property is located in the Texas Triangle, an area between Dallas-Fort Worth, Houston, and San Antonio with over 25 million people, that is projected to grow more than 65% in the next 40 years.
Beyond its accessibility to major population centers, Clovis Crossing is also situated in the heart of the Texas Innovation Corridor, a 13-county region along Interstate 35 comprising five major universities and a deep talent pool of 1.3 million people. Major employers such as Amazon, Apple, Google, Tesla and Whole Foods all have a significant presence in the area. The region is also home to countless emerging technology, life sciences, aerospace and aviation, security and defense and IT businesses.
“With sustained population growth, a highly diversified regional economy and tremendous access to one of largest states in the nation, the Austin-San Antonio Corridor is an ideal market for us,” said Stephen Cassidy, President of Denholtz Properties. “We are excited to add Clovis Crossing to our rapidly expanding national portfolio and bring our unmatched asset management experience to Texas.”
Denholtz Properties’ entrance into the Austin-San Antonio Corridor builds upon the Red Bank, N.J.-based firm’s recent growth of its industrial and multifamily portfolios across the United States over the last several years. The company entered the Savannah, Ga. market with the acquisition of the three-building, 358,884-square-foot Coleman Industrial Portfolio. Its acquisition of 5150 JB Drive Apartments, a 384-unit multifamily community in Murfreesboro, Tenn. was its first in the Nashville area. It also entered the N.C. market with the acquisitions of Vida Apartments, a 289-unit multifamily community in Kannapolis, N.C.; 9201 Forsyth Drive, 53,811 square-foot industrial property in Charlotte, N.C. and Interstate Commerce Park, a 218,570-square-foot industrial portfolio in Greensboro, N.C.
Mike Klein and Jon Mikula of JLL New Jersey and Michael Johnson and John Beeler of JLL Austin oversaw financing for the deal.