“With this transaction, the PCDC completes the final land sale in our 167-acre development in the One Thirty Business Park. More importantly, it provides a new product that is in short supply for companies wanting to expand or relocate to Pflugerville,” PCDC Executive Director Amy Madison said in the news release today.
Original post: Pflugerville City Council voted to approve the sale of 24.39 acres of land to regional real estate developer Industrial Group Southwest, or IGX, on Tuesday.
IGX will pay the Pflugerville Community Development Corporation $3.4 million for the property located off Sunlight Near Way in One Thirty Business Park in order to build Pecan Park at Pflugerville–a 205,000-square-foot industrial park.
PCDC Executive Director Amy Madison said the sale has been in the works for the past several years.
"It’s been a worthwhile project," Madison said Tuesday night. "We anticipate we’ll see manufacturing. I think we’ll see some office warehouse. I’ve already got a company that’s interested in buying the first building."
Pecan Park at Pflugerville will feature seven separate industrial buildings ranging from 8,600 square feet to 45,600 square feet that will be individually platted.
Schertz-based IGX is a real estate company that specializes in acquiring and developing business parks, buildings and land for business use, industrial use, manufacturing and distribution, per the company's website.
The developer has built the 230,000-square-foot Brushy Creek Corporate Center in Cedar Park and in June broke ground on a 350,000-square-foot light industrial facility in San Antonio, which it will develop and lease.
PCDC will escrow a portion of the sales funds in order to reimburse IGX for construction of an extension of Impact Way, as well as "necessary utility infrastructure work," according to city documents.
IGX has deposited $1.02 million into the escrow account to pay for the road construction. Per city documents, IGX will foot the bill for remaining construction costs if the $1.02 million doesn't cover the bill for the Impact Way extension and infrastructure improvements.