David Sheldon of Austin-based Atlantis Properties acted for the building owner, Weingarten Realty Trust, based in Houston. Mark Hutchison of HS Capital Group Ltd. in Austin, negotiated for Phoenix-Lamar.
Phoenix-Lamar makes custom electrical cables and similar products. It will occupy 8,910 sf in a 10-year deal at the 117,000-sf Corporate Center.
The north submarket is Austin's biggest industrial real estate area with 21.8 million sf. At the end of 2002, the office, bulk manufacturing part of the submarket had a 17% vacancy rate and the flex and research and development portion had a 25% vacancy rate, according to NAI Commercial Industrial Properties Co. The submarket had more than 285,000 sf in negative absorption last year.
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