924 Bugg Lane
- 924 Bugg Lane, San Marcos, Texas 78666
- Property Type:
- Square Feet:
- 10,150 sqft
- Lot Size:
- 0.55 acres
- Price Per Square Foot:
- Year Built:
- 10,150-Square-Foot Cold Storage Facility in San Marcos Equipped for Refrigeration and Delivery Services
- 6,250 Square Feet of Cooler Space with 15’-20’ Clear Heights and New Automatic Rytec Cooler Doors
- 3,900 Square Feet of Ambient Warehouse Space with 16’-18’ Clear Heights and 450-Square-Foot Office Component
- Features Two Grade-Level Doors (14’x22’ & 14’x14’) and Two Functional Hydraulic Loading Dock Lifts
- HVAC System Replaced in 2009 and in Good Working Condition
- Property is Situated Along IH-35 Corridor Approximately 30 Miles from Austin and 45 Miles from San Antonio
- Well-Positioned for Distribution with Easy Access to IH-35 and Highway 80
- San Marcos Job Growth Eclipsed 44% from 2008-2018 and Labor Force Grew by 45% Over Same Period
- Hays County Ranked as Second Fastest-Growing County in the U.S. Since 2010
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 924 Bugg Lane in San Marcos, Texas. The subject property consists of approximately 10,150 square feet and is situated on 0.55 acres of land. The asset features 6,250 square feet of cooler space with 15’ to 20’ clear heights. With new automatic Rytec Cooler Doors, two grade-level doors (14’x22’ and 14’x14’), and two functional hydraulic loading dock lifts, the cold storage facility is fully equipped for refrigeration and delivery services. The property also includes 3,900 square feet of ambient warehouse space with clear heights of 16’ to 18’ and around 450 square feet of office. In 2009, the HVAC system was replaced and remains in good working condition.
The subject property is well-positioned in the Hays County submarket for distribution with easy access to Interstate 35 and Highway 80. Austin is approximately 30 miles to the north and San Antonio is about 45 miles to the south. Proximity to these large cities has helped increase employment in San Marcos by 44 percent from 2008 to 2018, as the labor force grew by a similar 45 percent during that time. Hays ranked second as the fastest-growing county in the U.S. since 2010. With 11.3 million square feet of industrial space, Hays County is a midsized submarket largely consisting of 8.8 million square feet of logistics facilities. The remaining inventory is made of 1.7 million square feet of specialized space and 840,000 square feet of flex space. Hay’s county withstood the immediate effects of the pandemic as the vacancy rate fell sharply by 870 basis points to 8.3 percent from Q1 2020 to Q2 2021. Net absorption over the past year amounted to 1.5 million square feet, more than twice the five-year average. Industrial rents grew by 5.1 percent over the past year to an average of $10.43 per square foot, which is in line with the impressive decade-long annual average. Even with over 800,000 square feet expected to be delivered in 2021, forecasts show a continuously falling vacancy rate for the foreseeable future (CoStar). Simply put, industrial landlords in Hays County should continue to benefit from the market’s rapid ascension.
With a population of over 2.2 million residents, the population of Metro Austin has grown significantly in recent decades along with economic growth. Known as the home of South by Southwest, the Austin-Round Rock metro covers about 4,225 square miles and consists of five counties in central Texas: Travis, Williamson, Hays, Caldwell and Bastrop. Austin’s population of 940,700 people, makes Travis County the most populous county in the metro. Employment gains in the tech sector have contributed significantly to the metro’s recent population and median household income growth. Tesla is currently constructing a massive Gigafactory in the city that will be finalized this year. The facility is expected to generate at least 5,000 jobs, supporting future relocations and increased demand for housing. The government is a significant driver in the local economy as Austin is the state capital and home to an IRS regional processing center as well as military bases. Located within a border state, the metro benefits significantly from international trade agreements with Mexico.