Commercial property

Greystar Expands Austin Area Project – Commercial Property Executive

Whisper 35. Rendered courtesy of Stream Realty Partners

Construction continues at Greystar Real Estate Partners Whisper 35, a Class A industrial development totaling 500,000 square feet in San Marcos, Texas, as the developer opened the second building in the initial phase of the project.

Whisper 35 Phase I comprises two facilities covering 180,000 square feet. Greystar delivered Building 1 at 1225 Fortuna Road in 2021, while the 90,025 square foot Building 2 is expected to come online by the end of the year. End of 2021, Synovus Bank provided a financial package of $18.8 million to refinance Building 1 and provide construction funds for Building 2, according to Hays County records.

The second phase will consist of three warehouses totaling 314,938 square feet. Greystar plans to begin construction next month and expects to deliver this addition by Q3 2023. The development team also includes RC page as a general contractor.

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While Building 1 is fully leased, Greystar has selected Flow real estate partners to market future installations. Managing Director and Partner Sam Owen, Senior Vice President Adam Green and Vice President Mitchell Becker are part of the leasing team. After its completion, the company will also serve as the property manager for Whisper 35.

Whisper 35 takes shape less than a mile off Interstate 35 and less than 5 miles from San Marcos Regional Airport. Downtown Austin is approximately 27 miles away. Notable tenants in the region include Amazon, CFAN, a joint venture between GE Aviation and Safran Aircraft Engines of France, and Collins Aerospace, a subsidiary of Raytheon Technologies.

San Marcos will also be home to the state’s largest virtual production, television, film and streaming studio. Hill Country Group has announced plans to build Hill Country Studios, a $267 million media park totaling 820,000 square feet.

Nearly 7.8 million square feet of industrial space was under construction in Greater Austin in June, according to information from CommercialEdge, with an additional 37.9 million square feet in planned and potential projects. More than 1.1 million square feet were underway in Hays County, with most of them slated to come online this year.