AUSTIN, Tex.--CBRE has announced the sale of McNeil 1, a 246,390-square-foot industrial complex in north Austin. Glendale, Calif.-based PS Business Parks purchased the asset in an off-market transaction from Investors Warranty of America Inc. for an undisclosed price.

McNeil 1, at 12317 Technology Blvd., is partially occupied with approximately 140,000 square feet available for lease. The building is well situated in the northwest submarket, surrounded by flex and office properties and near several high-profile companies, including Flextronics, Luminex and VISA.

“McNeil 1 is appealing to large-block occupiers, but can be divided for multiple tenants,” Mark Emerick, with CBRE, told GlobeSt.com. “[The building] represents 10 percent of the total industrial inventory in this submarket…McNeil 1 is an attractive acquisition because of the limited industrial inventory in the market and the opportunity to convert the building to flex and realize substantially higher rents.”