Trammell Crow JV Breaks Ground on Last Phase of Austin Project
The firm has teamed up with Clarion Partners to develop a major Class A industrial park.
Park 183. Image courtesy of Trammell Crow Co
A joint venture between Trammell Crow Co. and Clarion Partners is one step closer to completing Park 183, a more than 950,000-square-foot Class A industrial park in Southeast Austin.
The partnership has broken ground on the final phase of the complex encompassing 308,484 square feet of logistics and last-mile distribution space across two buildings. Construction is expected to wrap up in the fourth quarter of 2022.
Last November, the joint venture has secured a construction loan originated by Comerica Bank for the final component of the multi-phase park. Clarion Partners provided additional financing. Tribble & Stephens will undertake the construction of the last phase designed by STG Design and LandDev Consulting.
The final phase
The two buildings of the fourth phase will take shape at 4800 Distribution Drive and 7900 Industry Way. Both the 160,327-square-foot and the 148,157-square-foot structures will feature 210-foot building depths, 32-foot clear height and a 50-foot by 53-foot and 6-inch column spacing.
The developers delivered the initial two-building phase of Park 183 encompassing 250,000 square feet in 2018, followed two years later by the completion of an 85,000-square-foot, build-to-suit property fully leased to Federal Express Corp.
The third addition came online in September of 2021 and includes a 154,786 square-foot and a 162,786 square-foot building. The former is fully leased to American Canning, which recently relocated within the industrial park establishing a new headquarters in Building 5. All of Park 183’s completed buildings are fully occupied. The owners have selected CBRE to market the upcoming addition. The leasing team includes Senior Vice President Darryl Dadon and Associate Joe Novek.
Park 183 is easily accessible, less than half a mile away from Highway 183, within 5 miles of Austin-Bergstrom International Airport and some 7 miles away from Interstate 35. Downtown is 9 miles away.
Southeast Austin’s industrial sector
The demand for industrial space continues to fuel development. Developers closed last year’s fourth quarter with 11 new industrial projects underway, bringing the 2021 total to 44 developments underway encompassing 6.4 million square feet, according to CBRE data.
The Southeast submarket, home to Park 183, is the metro’s second-largest submarket with more than 12.9 million square feet of net rentable area, surpassed only by the North submarket (14.5 million square feet). In the fourth quarter of 2021, industrial vacancy in the submarket was 3.4 percent, well below the 4.9 average for Greater Austin.
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