Joint Venture to Welcome New Industrial Tenant in Austin
- Apr 20, 2021
A joint venture of Trammell Crow Co. and Clarion Partners has signed a long-term lease with Move Solutions for 107,500 square feet at Park 183, an industrial development in Austin. The tenant is set to relocate to Building 3 of the structure in September.
Park 183 is a multi-phased project developed by Trammell and Clarion. The first phase was completed in 2018 and included 250,000 square feet of industrial space. Phase two comprised a build-to-suit, 85,000-square-foot property, which came online last March. FedEx fully occupies the facility. Phase three is slated for delivery in August and will include the 162,800-square-foot Building 3 and an additional 154,800-square-foot property.
There are also plans for an upcoming fourth phase, which will add some 300,000 square feet in the near future. At completion, Park 183 is planned to encompass more than 950,000 square feet of Class A industrial space.
Located in the Southeast submarket, the project is adjacent to Austin-Bergstrom International Airport. The upcoming Building 3 is situated at 8136 Industry Way, within 8 miles of the metro’s downtown.
John Barksdale, Darryl Dadon and Joe Novek of CBRE represented the owners in the transaction. Transwestern’s Robert Deptula and Stayton Wright assisted the tenant with the lease.
Southeast Austin continues to see increased industrial demand, as the submarket is preparing for the arrival of the Tesla Gigafactory. In February, Rastegar Industrial unveiled plans for the development of a 530,000-square-foot property in the area. The company expects to break ground on the asset in the fourth quarter of 2021 or in early 2022. Completion is expected in the third quarter of 2022.