TA Realty has acquired Harris Ridge Business Center, a Class A+ business park totaling 387,838 square feet in Austin, Texas, from HPI Real Estate Services & Investments. CBRE National Partners represented the seller in the disposition of the fully leased asset.
The industrial complex is within a Triple Freeport Zone, located at 1100 E. Howard Lane. The five-building property was built between 2008 and 2021. The current seller financed the development of the recently completed Building 6 with a $4.5 million construction loan funded by Southside Bank, CommercialEdge data shows.
Harris Ridge Business Center features dock high as well as rear loading doors, clear heights between 24 and 32 feet, a large truck court and is equipped with an ESFR sprinkler system. The tenant list includes Intelligent Logistics, LSO/Lone Star Overnight and Formaspace, among others.
The industrial asset is less than 2 miles from Interstate 35, roughly 7 miles from Austin Executive Airport and State Highway 130. Samsung Austin Semiconductor is some 4 miles southeast of the property, with other notable tenants of the city’s Northeast submarket, such as Dell Technologies and General Motors, less than 2 miles away.
Growing demand for Austin industrial space
While several high-profile projects are fueling the rapid expansion of Austin, including Tesla’s Gigafactory and large Google and Apple bases, industrial demand is showing more than promising signs. Industrial is booming, and Sun Belt markets are a prime priority for many investors. Austin is the most coveted market in the U.S., followed by Dallas-Fort Worth, according to a recent CBRE investor survey.
In March, Universal Technical Institute Inc. subleased a 100,000-squre-foot space at another HPI-owned industrial campus, CM Tech Ridge. In August, Amazon inked a lease for a delivery station totaling 315,000 square feet at 10000 Decker Lane, less than 8 miles from Harris Ridge Business Center.