The 1 million-square-foot manufacturing plant at 5200 Beverly Drive in Waco has changed ownership for the first time since its construction in 1943. Glass manufacturer O-I, previously known as Owens-Illinois, sold the facility to Keating Resources in an off-market transaction.
Originally built during World War II, the property supplied glassware for the war effort and produced bottles for brands such as Dr Pepper and Lone Star Beer. O-I operated the plant until 2023.
Alec Keating, president of Keating Resources, described the facility as “the largest manufacturing facility between Dallas and Austin,” highlighting its strategic location within the Texas Triangle. The company plans to subdivide the 907,000-square-foot distribution portion into units of 100,000 square feet each for lease or sale as a multi-tenant distribution and manufacturing site.
The site features two active rail spurs served by Union Pacific and can accommodate up to 90 boxcars simultaneously. It also offers natural gas and electric service, clear heights reaching up to 33 feet, and approximately 20 acres of outdoor storage space. Its location is noted as being at a key point within the Texas Triangle megaregion.
Keating Resources did not disclose the sale price but has set a lease rate of $6.50 per square foot gross according to its leasing brochure.
“We have soft commitments on about 20 percent of the building,” Keating told The Real Deal. “There’s basically no vacancy in the Waco market because, unlike Dallas and Austin, there’s nobody building spec product. So we expect this to lease up pretty quickly, and there’s a strong manufacturing base in Waco.”
Josh Heiple with CBRE represented O-I in the transaction while Jordan Beard with Cromwell Commercial represented Keating Resources.
Waco hosts several other manufacturing facilities including those operated by Mars Wrigley, Graphic Packaging, Barsco, and an Amazon distribution center located nearby.
