SouthPark Commerce Center Sells to BentallGreenOak
The Austin industrial real estate sector remained strong throughout the pandemic, with average rental rates increasing 4.2 percent nationwide since first quarter 2020. While vacancies fluctuated in the last year, the overall industrial vacancy rate has decreased to 5.2 percent as leasing momentum and demand for industrial space continues to surge.
With this demand in mind, KBS recently sold SouthPark Commerce Center, a four-building 100 percent leased 372,763-square-foot class-A industrial/flex park, to BentallGreenOak on behalf of an institutional investor.
“Austin is a high-growth burgeoning industrial market that has continually led the nation in economic and population growth over the last decade and throughout the pandemic,” says Giovanni (Gio) Cordoves, Western regional president for KBS. “KBS recognized this early on, initially acquiring the property in 2005. Due to our expertise in the Austin office market, we have a hyperlocal pulse on this region.”
Austin has been ranked as a best place to live in the United States from 2017 to 2020 by U.S. News & World Report. In addition, the Austin market attracts major tech companies such as Apple, Amazon, Facebook, Google, Oracle and Tesla, further contributing to this ongoing growth and making it increasingly appealing to investors, notes Cordoves.
Trent Agnew, Dustin Volz, Dom Espinoza, Josh Villareal and Wesley Gilmer with JLL represented KBS in the disposition.