DWG Capital Group announced the sale of a 7.62-acre development site comprising two adjacent parcels along Highway 71 West in Bastrop, Texas.
Judd Dunning, president of DWG Capital Group, represented the seller, MAG Capital Partners, a Fort Worth, Texas-based commercial real estate investment firm. Dunning also secured the buyer, an Austin, Texas-based developer. The sale price was not disclosed.
The site is proximate to the new $1.1 billion Tesla car plant in Austin, which has sparked a massive economic boom in the area. Bastrop Economic Development Corporation is studying opportunities to capitalize on the Tesla operation with a strategic plan to attract suppliers, manufacturers, direct and indirect development to the county.
Strategically situated near three major Texas metro areas—San Antonio, Houston and Dallas-Fort Worth—the 5.29- and 2.33-acre parcels offer flexible zoning that permits cold storage, distribution/warehousing or light retail development. Improvement options included a build-to-suit up to 139,000-square-feet as needed (shell or turn-key), an 88,000-square-foot retail pad with parking, or four 25,000-square-foot buildings. According to the buyer, plans are to build self storage or industrial flex with the hope of breaking ground in 2023.