March 22, 2024
Industrial Commercial Properties LLC (ICP) is pleased to announce its recent acquisition of the Windcrest International Business Park in Windcrest, Texas. The 1.2 million square foot building sits on 66 acres and was formerly the corporate headquarters for Rackspace, which acquired the property in 2007.
Like they have multiple times in other markets, ICP plans on converting the large single-tenant asset into a thriving multi-tenant business park. The company’s leasing efforts will focus on light industrial, manufacturing, office and retail users. The ICP leadership team anticipates an expedited lease-up of the space and significant job creation and economic development.
ICP’s Executive Vice President and lead project executive, Keith Brandt, is excited about the acquisition and has already identified sizable users for the space. Mr. Brandt notes, “Windcrest, Bexar County and greater San Antonio is a phenomenal international industrial market with outstanding transportation infrastructure.” From the start, ICP collaborated with the Windcrest Economic Development Corp. (WEDC), the city of Windcrest, and Bexar County officials. “They are proactive and pro-development, and their vision aligns with ours. They did everything to make this deal happen,” continued Mr. Brandt. “Our team is constantly searching for new acquisitions, and with their business-friendly stance, the state of Texas will become a growth market for our company.”
ICP’s owner, Chris Semarjian, has been exploring investment opportunities across the United States. “This acquisition in Texas was particularly intriguing as we specialize in revitalizing large format properties and transforming them into employment centers,” said Mr. Semarjian. “A synergistic partnership with local governments often makes for the most successful redevelopments,” continued Mr. Semarjian. “The Windcrest International Business Park will be a healthy mutual fund for the city, county and WEDC. It will no longer rely upon the success and longevity of a single user. This property has the potential to become a booming economic hub for the region.”
