The long abandoned Cypress Semiconductor campus in Round Rock has found its new owner. Austin-based World Class Capital Group LLC announced the acquisition from Cypress Semiconductor Corporation who closed the facility in 2009.
The cost of the transaction has not been disclosed. The property is located behind the IKEA retail development at the intersection of Interstate Highway 35 North and University Drive, extending to Cypress Boulevard. It spans over 118 acres and according to a news release, it will undergo serious renovations and redevelopment processes.
The new owner plans to renovate the massive 98,700-square-foot manufacturing facility and repurpose it mainly into an office and flex/industrial complex. According to Nate Paul, World Class’ President and CEO, the campus redevelopment will include various uses such as office, retail, flex, and residential.
“We are excited to work with the city of Round Rock to plan and create a new mixed-use project that will enhance the community” Paul says. “The strong central Texas economy is a national leader in positive job growth, which creates significant demand for commercial space and housing. We look forward to meeting this demand by delivering a high-quality, mixed-use, master planned development.”
World Class Capital Group is a privately owned real estate firm that focuses on real estate investment, development, and management nationwide. It owns over 5 million square feet in 12 states and 23 markets in its national portfolio.