Bearden Investments Begins Third Phase of Speculative Real Estate Development in San Marcos

Projects
Nov 19, 2020
Staff Reports

Bearden Investments, a Texas-based real estate development firm, has broken ground on its third speculative space facility – Clovis Barker Service Center. The new $10+ million facility will offer nearly 175,000 square feet of industrial space.

Located at 1551 Clovis R Barker Road, the Phase 3 facility will consist of three buildings on 18+ acres of property. The buildings, well-suited for wholesale distribution, back office operations, clean rooms and/or light manufacturing processes, will be completed by October 2021.

Bearden Investments, which is headquartered in Houston/Sugar Land, owns and manages 2 million sq ft of development in Texas. They previously invested in Hays County with the 50,500 sf ft Dutton Drive Business Park in 2004. Later, the company invested in Clovis Barker Business Park with Phase 1 (148,000 sq ft) completed in 2009, and Phase 2 (162,000 sq ft) completed in 2015.

Phase 3 will provide 174,515 sq ft of industrial space in three buildings. Building 2, which is 77,703 sq ft, has already leased 55,000 to Century HVAC Distributing. The remaining 22,703 sq feet of Building 2, and Buildings 1 & 3 (62,194 sq ft and 34,618 sq ft, respectively) are still available for lease.

“Our first two phases of speculative space investments have been highly successful here in the fast-growing Greater San Marcos region,” said Bill Hall, vice president of Bearden Investments. “We have found success by offering mid-size facilities and high-quality amenities, which are highly appealing to growing companies in this region.”

The City of San Marcos entered into a Chapter 380 agreement with Bearden, granting the property a 100% real property tax rebate in Year 1, a 75% rebate in Year 2, and 50% in Year 3.

The maximum amount of rebate is estimated at $147,303 over the life of the agreement. However, the agreements would expire as tenants are secured, which means the incentive could be significantly less should the property lease quickly.

Over a ten-year period, the City would add more than $577,000 to its real property tax revenue. In addition, the County would add nearly $464,000 and the school district would add more than $291,000 during the same time period.

“Relocating and expanding companies are seeking an inventory of prebuilt facilities that allow them to quickly establish new operations,” said Jason Giulietti, president of the Greater San Marcos Partnership (GSMP). “This new facility is a valuable resource for our region that will give us a competitive advantage in attracting new employers and investment.”

The newest spec space expansion by Bearden Investments is another example of how the Greater San Marcos region continues to meet the need of relocating and expanding companies. In addition to Bearden Investment’s previous developments, other projects such as Exeter Buda Land LP’s development in Buda, the Kyle Crossing Business Park in Plum Creek, and the Hays Logistics Center in Kyle have proven to be a successful strategy for attracting new businesses, new jobs and increased tax revenue for municipalities in the region.

About Bearden Investments

Bearden Investments is an award-winning organization that builds and manages office, showroom, and warehouse properties. Our current focus is in the Houston metro area and Central Texas/Hays County. A private company founded in 1998, our mission is to offer personal service and solutions to Texas' unique and growing base of entrepreneurial small businesses. Visit BeardenInvestments.com for additional information.