Southpark Commerce Center V Under New Ownership
- Feb 14, 2019
Hillwood, a Perot company, has acquired its second asset in Austin, Texas. The firm purchased Southpark Commerce Center V in the Southeast industrial submarket from Transwestern Development Co.
The three-building industrial property totals 350,171 square feet at 4500 South Pleasant Valley Road, near Interstate 35 and State Highway 71. The asset is 4 miles from downtown Austin, 4 miles from the Austin-Bergstrom International Airport and 75 miles from San Antonio. Recently completed, the asset is 50 percent leased and features 24- to 28-foot clear height, rear-load design, 150- to 180-foot truck courts, ample car parking and ESFR fire protection.
“This acquisition is consistent with our strategy to acquire and develop high-quality, functional industrial real estate in major U.S. markets,” Tom Fishman, Hillwood’s executive vice president of acquisitions and dispositions, said in a prepared statement.
HFF represented TDC in the transaction through Managing Directors Trent Agnew, Adam Herrin and John Taylor, and Director Stephen Bailey and Analyst Dom Espinosa. The new owner has retained Transwestern Commercial Services to provide leasing and management services.
“We look forward to teaming up with Luke Wheeler and Nash Frisbie of Transwestern Commercial Services in providing prime located, Class A distribution space, ranging from 15,000 to 90,000 square feet,” added Toby Rogers, senior vice president & Texas market leader at Hillwood.
“Austin’s industrial market fundamentals remain strong, demonstrated by the robust leasing activity we’ve seen thus far,” said Wheeler.
Image courtesy of Hillwood