Property Reserve Inc., real estate arm of Mormon Church, to buy CelLink factory in Georgetown – Austin Business Journal – The Business Journals
One of the region’s most active industrial developers is seeking to sell a 300,000-square-foot building that’s set to become a major employment hub in the northern suburbs.
Months before CelLink Corp. is set to start manufacturing in Georgetown, Albuquerque-based Titan Development Ltd. is gearing up to sell the building occupied by the electric vehicle supplier to Salt Lake City-based Property Reserve Inc., which is the real estate investment arm of the Church of Jesus Christ of Latter-day Saints.
Over the last couple of weeks, both the Williamson County Commissioners Court and Georgetown City Council have voted to assign to Property Reserve Inc. tax abatement agreements previously secured by both Titan and CelLink for the $130 million facility, which is located in Building 1 of the Gateway35 Commerce Center at the north end of Georgetown. Documents indicate that Titan wants to sell the property and transfer the agreement, while CelLink will continue to lease the facility.
Representatives from Titan declined to comment. Representatives from both CelLink and Property Reserve Inc. did not immediately respond to requests for comment. The deed had not been transferred as of Sept. 29, according to Williamson County property records.
While many details about the deal remain unknown, it’s not uncommon for industrial developers to sell off properties once they’re completed. It’s unlikely to have any effect on the operations of CelLink, which recently picked up the keys for the facility and plans to start operations in the next few months.
The Silicon Valley-based company, which manufacturers unique wire harnessing technology used in hundreds of thousands of EVs and is rumored to be a supplier of Tesla Inc., plans to eventually employ more than 2,000 people in Georgetown — a fast-growing city north of Austin that had an estimated population of 75,420 in 2021, according to the U.S. Census Bureau.
But it would mark a significant investment in the Austin region by Property Reserve Inc., which maintains a low profile but invests using the reserve funds of the Church of Jesus Christ of Latter-day Saints, otherwise known as the Mormon Church.
“Building on more than 50 years of experience, PRI has established a reputation for excellence in the United States and has expanded into international markets and a broad array of product types while maintaining a balanced approach to risk,” the company notes on its LinkedIn page. “Unique in the industry, PRI’s investment activities span the continuum real estate investing and include stewardship of land holdings, in-house development, direct acquisitions, asset management, fund investments and joint-ventures.”
Titan, which has an Austin office, has been one of — if not the most — active industrial developers in Central Texas.
Between I-35 and State Highway 130 in Georgetown, Titan is developing the 114-acre Gateway35 Commerce Center. Just to the west, it’s developing the 146-acre NorthPark35, near the northern terminus of SH 130. Confirmed tenants include automotive parts retailer Texas Speed & Performance Ltd. and the Greater Austin Merchants Cooperative Association, while semiconductor industry supplier Valex Corp. appears to be planning a move into the park.
The company is also developing a 188-acre industrial park known as the Hutto Mega TechCenter near the future home of Samsung Electronics Co. Ltd.’s $17 billion next-generation semiconductor fabrication plant. Titan also has 170 acres elsewhere in Hutto known as the Innovation Business Park, which has attracted manufacturers like Kval Inc., which makes machines and software to manufacture doors, and Ovivo Inc., which produces parts for its water filtration technology.
Titan has also been looking around Lockhart, south of Austin, but officials say it’s still too early to discuss plans there.