Greystar Kicks Off Phase 2 of 500K SF Industrial Project in San Marcos, TX

Greystar Real Estate Partners has commenced construction on the second and last phase of Whisper 35, a five-building industrial development in San Marcos, Texas. This phase is set to encompass 314,938 square feet, with completion scheduled for early 2024.

The news comes on the heels of Manifest Commerce’s signing a full-building lease for an 89,988-square-foot facility that was built during the first phase of the development. With this lease, both buildings in Phase I are now fully occupied.

Who’s in charge: RC Page is the co-general contractor for the project, while Stream Realty Partners is providing leasing and management services through Managing Director & Partner Sam Owen, Senior Vice Presidents Adam Green and Mitchell Becker, all based in Austin, Texas.

What’s this project about: Whisper 35 is a 494,926-square-foot Class A industrial project developed in two phases. Phase I encompasses a total of 179,988 square feet, while the second phase is set to include three buildings:

All buildings in the park will feature grade level doors, dock-high doors and 24- to 32-foot clear heights.

The project’s first phase was financed through an $18.8 million construction loan originated by Synovus Bank, while Great Southern Bank provided $21.3 million in financing for Phase II, CommercialEdge data shows.

The whereabouts: Whisper 35 is rising on 44 acres within Texas’ Innovation Corridor, close to Interstate 35, some 26 miles from Austin and within 56 miles of San Antonio. Additionally, the industrial development is 30 miles from Tesla’s giga factory and within 10 miles of two Amazon distribution centers in the area.

What’s in store: San Marcos has several sizable developments in the pipeline. One of the largest projects in the city is AXIS Logistics Park, a 2,000-acre master-planned industrial development that will have direct access to Loop 110 and other state highways. When completed, Scarborough Lane Development and Partners Real Estate’s megaproject is expected to become one of the largest industrial parks in the country.

Next year, upon reaching full completion, the park's total area will span nearly 500,000 square feet.