PS Business Parks, Inc. Acquires the 246,000-Square Foot McNeil Business Park in Austin
- Nov 07, 2014
Already the owner of 5.1 million square feet of commercial space in the state of Texas, PS Business Parks, Inc. announced the acquisition of another multi-tenant industrial building in Austin. The transaction adds another 246,000 square feet to the 2.0 million square feet the company already owns in the city.
The property, 53.3 percent occupied at the time of the sale, is contiguous to the company’s existing 279,000 square foot McNeil Business Park located at 12317 Technology Blvd. in northwest Austin. Around 140,000 square feet is available for lease. The price of the acquisition was $10.6 million and the seller was Investors Warranty of America. The seller has been represented by the CBRE Group Inc. brokerage team comprised of Mark Emerick, John Barksdale, and Darryl Dadon; they will also retain the leasing assignment with PS Business Parks.
McNeil Business Park consists of multiple buildings of light industrial and office space in close proximity to the heart of Austin’s most desirable high tech sector. Easy access to the Mopac Expressway, SH – 183, IH – 35, and SH – 45, as well as to residential housing, make McNeil Business Park an ideal location.
Photo courtesy of CBRE Group Inc.