Trammell Crow Company with its partner, Clarion Partners, have closed on the acquisition of a 95-acre land parcel in southeast Austin. Earmarked for the development of Park 183, the master planned industrial business park will deliver 964,000 sqf of Class A industrial space in multiple phases. Phase 1 will consist of two spec buildings offering 247,000 sqf and significant road, drainage and utility infrastructure for the overall business park. The facility will be located at the intersection of Burleson Road and US 183, less than two miles from SH 71, adjacent to Austin Bergstrom International Airport and only 8.6 miles from downtown Austin. Construction will begin in in January 2017. Terms of the deal were not disclosed.
Brad Maples, senior vice president with TCC’s Austin Business Unit says that with the economy continuing to grow, “the industrial market has exhibited rapid growth that has pushed rental rates to an all-time high. Tenants across the spectrum are looking for ways to control their increasing real estate costs while still maintaining a first class image for their growing businesses.” He said that Park 183 was designed to offer Class A space at a price far below comparable new product.
