Charlie Hill of Colliers Oxford Commercial in Austin represented the building owner, J.A. Billipp Development Co., based in Houston. Casey Borgers of NAI/Commercial Industrial Properties Co. handled talks for Allied Waste.
Hill says there's still about 56,000 sf left to lease in the building at 10420 Metric Blvd., which has a total of 106,450 rentable sf. The building formerly was occupied by Steck-Vaughn Publishing Co. Steck-Vaughn sold the building to Billipp in September 1998.
Allied took the space in a seven-year lease. It has about 6,000 sf of office space and 50,000 sf of air-conditioned warehouse space. "They'll be doing a state-of-the-art recycle service," Hill tells GlobeSt.com, adding that the north central location was better for the company.
The East Austin site on Bolm Road was condemned by the City of Austin in 1999. Neighborhood residents opposed the garbage and recycling center and their opposition grew stronger through the years. The city intends to use the seven-acre site for offices.
The north submarket has 43% or 7.3 million sf of the area's total industrial inventory. Its year-end vacancy was 12%, with another 257,600 sf under construction. Reports on the first-quarter industrial market aren't out yet, but at the end of 2001 the warehouse vacancy rate was 13%.
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