Clovis Crossing at 1603 Clovis Barker Road in San Marcos, Texas — Courtesy: Denholtz Properties
By Joshua Burd
Denholtz Properties has added to its portfolio outside New Jersey with more than 213,000 square feet of newly built industrial space near Austin, Texas.
The Red Bank-based firm announced Friday that it had acquired Clovis Crossing, a two-building property in San Marcos, in a deal with Freehill Development Co. The transaction marks its entrance to the Texas market, Denholtz said, noting that the 213,125-square-foot complex is roughly 30 miles from both Austin and San Antonio.
Michael Klein and Jon Mikula of JLL’s New Jersey team and Michael Johnson and John Beeler of the firm’s Austin unit oversaw financing for the deal. Terms were not disclosed.
“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.”
In a news release, the firm said Clovis Crossing is a shallow-bay industrial property with 32-foot clear ceiling heights, making it well suited for a wide range of tenants. The 13-acre site provides easy access to both Austin and San Antonio via nearby Interstate 35, while it’s part of the Texas Triangle area between Dallas-Fort Worth, Houston and San Antonio with more than 25 million people.
That region is projected to grow more than 65 percent in the next 40 years, Denholtz added. Clovis Crossing also sits 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, with major employers such as Amazon, Apple, Google, Tesla and Whole Foods.
The deal follows Denholtz’s expansion into other markets in recent years, including Savannah, Georgia, where it recently acquired a three-building, 358,884-square-foot Coleman industrial portfolio. Its purchase of 5150 JB Drive Apartments, a 384-unit multifamily community in Murfreesboro, Tennessee, was its first in the Nashville area, while it has also added apartment and industrial properties in North Carolina.
