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6/09/21
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SouthPark Commerce Center, a four-building, 100% leased, 372.8k sf Class A industrial/flex park in Austin, TX was acquired by BentallGreenOak on behalf of an institutional investor. The property was sold by KBS.
Built in 1998, SouthPark Commerce Center features 24-foot clear height with 36% office finish. The property is situated inside SouthPark Commerce Business Park, one of the top business parks in the Austin market.
Its best-in-class location at the southeast corner of Interstate 35, State Highway 71 and U.S. 290 in southeast Austin places the center within 10 miles of some of the largest demand drivers in the region including Austin’s CBD, Austin-Bergstrom International Airport, the University of Texas at Austin and the 5 msf Tesla GigaFactory currently under construction. SouthPark Commerce Center is accessible to many major roadways and within a 30-minute drive of Hays County, one of the fastest-growing large counties in the nation with 47% population growth from 2010 to 2019.
Austin has been classified as a best place to live in the U.S. by U.S. News & World Report from 2017-2020. Several national publications have given the city high rankings for its job market, soaring tech salaries, nation’s high-tech hub, best city to start a business, best city to live in America and best market for real estate investment in 2020.
In addition, the Austin market attracts major tech companies such as Apple, Amazon, Facebook, Google, Oracle, and Tesla, further contributing to this ongoing growth and making it increasingly appealing to investors, notes Giovanni (Gio) Cordoves, Western regional president for KBS.
The industrial real estate sector has remained strong throughout the pandemic, with average rental rates increasing nationwide 4.2% since Q1 2020. While vacancies fluctuated over the last year, the overall industrial vacancy rate has decreased to 5.2% as leasing momentum and demand for industrial space continues to surge.
Trent Agnew, Dustin Volz, Dom Espinoza, Josh Villareal and Wesley Gilmer with JLL Capital Markets represented KBS in the disposition. Attorneys Bruce Fischer, Howard Chu, and Tina Ross, and paralegal, Amanda Kennedy, of global law firm Greenberg Traurig, LLP’s Orange County and Texas offices represented KBS as legal counsel in the disposition.
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