Southpark Commerce V is a three-building industrial property that totals 350,171 square feet.
AUSTIN, TX—Quality industrial facilities continue to meet pent-up demand in the southeast Austin industrial submarket, and Southpark Commerce Center V is a good example of that dynamic. This 50% leased three-building industrial property totals 350,171 square feet of recently completed space.
Hillwood recently completed its second investment in Austin with the acquisition of the asset located at 4500 South Pleasant Valley Rd. Transwestern Development Co. was the seller and the price was undisclosed.
“This acquisition is consistent with our strategy to acquire and develop high-quality functional industrial real estate in major US markets,” said Tom Fishman, executive vice president of acquisitions and dispositions with Hillwood.
Located near Interstate 35 and State Highway 71, Southpark Commerce Center V is 4 miles from downtown Austin, 4 miles from Austin-Bergstrom International Airport and 75 miles from San Antonio. The project offers 24- to 28-foot clear height, rear-load design, 150 to 180-foot truck courts, ample car parking and ESFR fire protection.
“With the addition of these properties, we can provide multiple prime location options for companies looking for 15,000 to 150,000 square feet of class-A distribution space,” said Toby Rogers, senior vice president and Texas market leader for Hillwood. “We look forward to teaming up with Luke Wheeler and Nash Frisbie of Transwestern Commercial Services in providing prime-located distribution space.”
Hillwood has retained Transwestern Commercial Services to provide leasing and management services, with Wheeler and Frisbie leading leasing efforts.
“Austin's industrial market fundamentals remain strong, demonstrated by the robust leasing activity we've seen thus far,” said Wheeler.
Transwestern Development Co. was represented in the sale by the HFF Houston team including managing directors Trent Agnew, Adam Herrin and John Taylor; director Stephen Bailey and analyst Dom Espinosa.
Austin city government has fostered one of the fastest-growing economies in the nation, a highly educated bilingual workforce and an entrepreneurial spirit. Austin is the 13th largest US city and the fourth largest in Texas. Austin's population has grown 29% since 2007, GlobeSt.com learns.
Despite its size, Austin maintains the positive attributes of a smaller town: quality healthcare, low crime rates, affordable housing, highly ranked schools and a low cost of living. In 2017, US News & World Report named Austin the number one place to live in the US. In 2016, Forbes ranked Austin “as the city most likely to prosper over the next decade” and in 2014, named it second in the Best Cities for Future Job Growth.
“Texas as a whole is a business-friendly state. The state has no personal state income tax and wages are competitive,” Fishman tells GlobeSt.com. “The capital of Texas, Austin, has a thriving business base that includes technology, digital media, clean energy, life sciences, advanced manufacturing, data centers, government and education.”
This economic environment has provided consistent growth for companies such as Dell, Whole Foods, Ebay, Facebook, 3M, General Motors, NXP Semiconductors, Samsung and others. Additionally, Austin is the home of the University of Texas which employs more than 6,000 people.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
