Trammell Crow Company (TCC) and its partner, Clarion Partners (on behalf of a commingled investment fund), announce the acquisition of a 95-acre land parcel in Southeast Austin for the development of Park 183, a master planned industrial business park that will deliver 964,000 square feet of Class A industrial space in multiple phases. Phase 1 will consist of the speculative development of two buildings totaling 247,000 square feet, and significant road, drainage and utility infrastructure for the overall business park. Construction is scheduled to commence in January 2017.
Brad Maples, senior vice president with TCC’s Austin Business Unit stated, “As our economy continues to expand, 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. Park 183 was specifically conceived to offer tenants Class A space at a price point that is far below all other new product in the market and more in line with historical averages.”
While the project will offer a great value to its tenants, the development will also offer best in class building features such as generous clear heights, flexible demising options and appealing front facades with expansive glass and a clean, modern aesthetic. The project will also offer an enhanced parking ratio and excellent truck access and loading options for distribution users.
Park 183 is well located in the Southeast Submarket at the intersection of Burleson Road and US 183, less than two miles from SH 71 and in very close proximity to major arterials such as IH 35 and SH 130. The site sits adjacent to Austin Bergstrom International Airport and only 8.6 miles from downtown Austin. Park 183 will be located in the Triple Freeport Exemption Zone and will benefit from the completion of the 183 South Project, which broke ground in April 2016, and at completion, will connect US-290 to SH 71 with uninterrupted freeway from southeast Austin to far Northwest Austin.
“Park 183 represents the single best multi-phase business park opportunity in Southeast Austin, one of Austin’s preferred submarkets and one in which TCC and Clarion Partners have enjoyed perennial success as a leading owner/developer,” said Alejandro Cuadros, vice president with Clarion Partners.
The design team for Park 183 includes STG Design, Jones|Carter, Wylie Consulting Engineers and Bihner Chin Engineering, Ltd. Leasing and marketing will be handled by the CBRE Austin team of Mark Emerick, John Barksdale, Ace Schlameus and Darryl Dadon.
About Clarion Partners
Clarion Partners has been a leading U.S. real estate investment manager for 32 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England, as well as a presence in Mexico. With more than $40 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. The Firm’s industrial footprint is comprised of more than 116 million square feet across 43 markets across the U.S., Mexico and Brazil. More information about the firm is available at www.clarionpartners.com.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. As of June 30, 2016, TCC had $7.1 billion of projects in process and $3.0 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development or providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). For more information visit www.TrammellCrow.com.
