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KBS Spins Off Austin Industrial Center
KBS has sold the SouthTech Business Center, a four-building, 260,112 square-foot Class A, light industrial property in Austin, Texas. Home to a mix of regional and national tenants, the 93% leased property, was purchased by a 1031 investor represented by MIG Real Estate.
KBS’s Gio Cordoves adds, “Over the last 10 years, SouthTech Business Center had an impressive average annual occupancy of 97%. The property presents an immediate opportunity for value-creation by leasing the last 7% of space available and elevating rents along with the rest of the market.”
KBS made substantial capital investments in each tenant’s space, helping increase the average tenant tenure to more than five years.
Each building is rear-load configured with 21′ clear heights and 145′ truck courts. It has significant climate-controlled warehouse space and specialized buildouts across the tenancy.
Trent Agnew, Charles Strauss, Lance Young and Brooke Petzold of JLL represented KBS in the sales transaction.
- ◦Sale/Acquisition
