AUSTIN, TX—CBRE Group, Inc. coordinated the sale of three industrial/multi-tenant flex buildings – McKalla 2 and McNeil 8 & 9 – on behalf of Investors Warranty of America, Inc. to California-based PS Business Parks. The three buildings total approximately 226,398 square feet on 12.5 acres in North and Northwest Austin.
The three properties are located at 2500 McHale Court (McKalla 2) and 12301-12303 Technology Boulevard (McNeil 8 & 9), and are adjacent to parks currently owned by PS Business Parks.McKalla 2 is located in the North Submarket, while McNeil 8 & 9 are in the Northwest Submarket.
According to CBRE Research, the North Submarket is Austin's largest with more than 13 million square feet. Although flex product in the Northwest Submarket is only 1.7 million square feet, there is a tremendous amount of office activity near the subject property with companies like Apple and 3M just blocks away. Austin's industrial market experienced record leasing activity in 2012 with 2.1 million square feet of positive net absorption citywide.
McKalla 2 is a light industrial property, which totals 124,200 square feet on 5.5 acres. At the time of sale, one 21,600-square-foot suite was available for lease at McKalla 2. McNeil 8 & 9 are situated near McNeil Road and Highway 183 in a campus setting. McNeil 8, a free-standing flex building, totals 22,581 square feet and was recently leased by Luminex Corporation. McNeil 9 is a multi-tenant flex building with 79,617 square feet of space made up of roughly 60% office space and 40% HVAC warehouse space. At the time of sale, one 9,980-square-foot suite was available for lease.
Mark Emerick, John Barksdale and Steven Kalil with CBRE Group, Inc. represented Investors Warranty of America, Inc. in the transaction.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
