Commercial real estate firm KBS has sold a four-building industrial campus in Austin, Texas, to BentallGreenOak on behalf of an institutional investor. A sale price was not disclosed.
Located south of downtown Austin, SouthPark Commerce Center encompasses 372,763 square feet across four buildings. Built in 1998, the property has been 100 percent leased since 2015, KBS said in a press release announcing the deal.
According to KBS Senior Vice President Brett Merz, the asset manager for the industrial park, the property’s close proximity to major thoroughfares helped attract its roster of tenants. A JLL Capital Markets team including Trent Agnew, Dustin Volz, Dom Espinoza, Josh Villareal and Wesley Gilmer represented KBS in the deal.
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According to the firm’s website, KBS currently owns three properties in the Austin area: The 515 Congress office building in downtown, Domain Gateway, an office property in the Domain neighborhood, and SouthTech Business Center, an industrial park in south Austin.
BentallGreenOak’s Austin buy comes months after the real estate investment platform acquired Metropolitan Real Estate, bringing more than $2.4 billion in assets under management to the firm.
The sale follows two other recent industrial transactions in the Texas capital. Last week, Dogwood Industrial Properties sold a 239,952-square-foot, two-building industrial property to Birtcher Anderson & Davis after first acquiring the industrial park in early 2020.
And at the beginning of the month, Four Springs Capital Trust acquired a 160,000-square-foot warehouse fully leased by Amazon from Mohr Capital. The property sits within a 550-acre Class A business park adjacent to Austin-Bergstrom International Airport.
Austin’s industrial market pipeline has been robust over the last year, with new developments continuing to hit the market to keep up with high demand. According to a Cushman & Wakefield report on the first quarter of 2021, around 6.7 million square feet of industrial product was under construction in the Austin metro area.