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Nonprofit technology foundation purchases 111,000-foot facility

The Texas Research & Technology Foundation announced that is creating a "superhub" to assist startups and entrepreneurs. The "superhub," dubbed VelocityTX, will offer manufacturing facility access, mentorship and capital to budding entrepreneurs and startup organizations in the technology sector. The facility will be based out of San Antonio.

VelocityTX wants to support the growth of companies in the industries of cybersecurity, bioscience and emerging tech. The organization has already contracted employees and it recently acquired a piece of real estate -- an industrial complex with over 110,000 square feet of space. The industrial complex includes five different buildings on five acres of land.

The commercial real estate purchase will no doubt be central to VelocityX's goals of supporting entrepreneurs and startups. On the grounds, they will be able to provide a space where innovators can work together in teams, solidify their startup goals and collaborate. They may also be able to use the real estate and space to complete small-scale manufacturing goals.

The Texas Research & Technology Foundation -- the foundation that is creating the VelocityTX project -- has existed since the 1980s. It was set up as a nonprofit group to manage 1,200 acres of land donated by San Antonio area philanthropists. Later, the foundation sold the land to Microsoft and apartment developers. It has since used the proceeds from selling the land to fund various projects to support entrepreneurs.

Commercial real estate transactions -- whether they're the purchase or sale of land -- can be an essential part of an organization achieving its goals. By working with a commercial real estate lawyer, San Antonio businesses and nonprofits can make sure that their real estate transactions are carried out in a legally appropriate fashion.

Source: xconomy.com, "San Antonio Tech and Bioscience Group Plans New Innovation Center," David Holley, Sep. 13, 2017

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