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| SouthPark Commerce Center, a 372,763-SF, Class A industrial/flex park located at the southeast corner of Interstate 35, State Highway 71 and U.S. 290 in southeast Austin, TX |
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| Giovanni (Gio) Cordoves |
“Austin is a high-growth, burgeoning industrial market that has continually led the nation in economic and population growth over the last decade and throughout the pandemic,” says Giovanni (Gio) Cordoves, Western regional president for KBS. “KBS recognized this early on, initially acquiring the property in 2005.”
Austin has been classified as a best place to live in the U.S. by U.S. News & World Report from 2017-2020.
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| Tina M. Ross |
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 Cordoves.
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| Amanda Kennedy |
“Due
to our expertise in the Austin office market, we have a hyperlocal pulse on
this region,” says Cordoves.
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| Brad Merz |
"Our recognition of this market’s
potential, combined with the superior quality of SouthPark Commerce Center and
our strategic management of this property enabled us to enhance its value over
time.”
The property’s ideal location is just one of the factors that has attracted numerous creditworthy tenants to it, according to Brett Merz, asset manager for SouthPark Commerce Center and senior vice president of KBS.
“KBS employed its noteworthy diversification strategy to bring a broad-based tenant roster to SouthPark Commerce Center,” says Merz.
“Many global and national companies call this asset their home in the Austin market. The fact that it has been 100% leased since 2015 speaks to the high-quality of this asset and the strength of KBS’ asset management program.”
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| Dustin Volz |
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.
Built
in 1998, SouthPark Commerce Center features a 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.
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| Dom Espinoza |
Those include Austin’s CBD, Austin-Bergstrom International Airport, the University of Texas at Austin and the 5-million-square-foot 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.
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| Bruce Fischer |
Senior Managing Directors Trent Agnew and Dustin Volz, Director Dom Espinoza and Analysts Josh Villareal and Wesley Gilmer with JLL Capital Markets represented KBS in the disposition.
“It’s
hard to find an industrial property of scale as compelling as SouthPark
Commerce Center in infill Austin,” says Agnew.
“The
asset attracted considerable attention from a wide mix of potential buyers
including institutional advisors, private capital and closed-end private equity
funds.”
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| Howard Chu |
“We enjoyed working with KBS on the successful disposition of SouthPark Commerce Center,” says Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County Office, who led the Greenberg Traurig team.
SouthPark
Commerce Center is located at 4401 Freidrich Lane in Austin, Texas.
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| Josh Villareal |
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services.
BentallGreenOak serves the interests of more than 750 institutional clients with expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe.
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| Wesley Gilmer |
BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life.
CONTACT:
Micaela Fehrenbach
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