Dallas-based developer Hillwood is quietly shopping about 150 acres of entitled industrial land in northeast Austin, stepping back from a planned 1.4 million-square-foot warehouse complex just as a key construction permit is set to lapse. The site development permit for the project’s first phase, originally issued in 2021, expires Tuesday, and Hillwood appears to be letting a buyer take on the next steps rather than breaking ground itself.
The property in question is Premier Logistics Park at 2900 ½ Ferguson Lane, where Hillwood had entitled 118 acres for the industrial buildout, according to the The Real Deal, citing reporting from the Austin Business Journal. The masterplan called for six warehouse buildings across three phases: a first phase of three buildings totaling 363,966 square feet, a second phase of two buildings totaling 611,587 square feet, and a third phase pairing a 271,000-square-foot building with a 143,478-square-foot expansion pad. The park was designed as a last-mile distribution node, per the same reporting, with major logistics tenants including Target, Pepsi, the U.S. Postal Service, and United Parcel Service all operating within a mile of the site.
Alex Perry, managing principal of the West Texas-based Dry Water Land Company, is marketing the property for sale and posted marketing material on LinkedIn last week. Perry’s listing did not include an asking price, and Hillwood has not indicated any plans for whatever acreage might remain outside the sale. The parcel’s entitlement history gives it a head start for whoever buys it: the City of Austin’s Zoning and Platting Commission approved a preliminary subdivision plat with conditions for the seven-lot, 148.27-acre site in November 2022, with water and wastewater service designated to come from the city itself.
A County Right-of-Way Deal Sweetens the Package
The land also carries an infrastructure commitment dating back to a 2021 phasing agreement with Travis County Commissioners, which required dedicating right-of-way through the site for a future extension of Rundberg Lane, according to Virtual Builders Exchange filings. That agreement outlined a staged buildout in Precinct 1 designed to manage local transportation impacts as the park came online. Houston-based Powers Brown Architecture designed the original master plan and began filing construction project registrations with the Texas Department of Licensing and Regulation back in November 2022, per the same filings…