Park 183
250,000 square feet of Class A industrial space consisting of two buildings.
Location
Austin, Texas
Product Type
Industrial
Timeline
Project Start: Q1 2017
Project Completion: Q1 2023
Project Completion: Q1 2023
Overview
Park 183 represents a phenomenal 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.
In March 2017, TCC began construction of Park 183 Phase I, which consisted of Buildings 1 & 2, totaling 250,106 square feet, along with the initial roads and site infrastructure improvements. Construction was completed in February 2018.
On June 22, 2021 TCC earned out of Phase I at 100% leased. At the time, Phase I tenants included American Canning, Amplifier, Intertech Flooring, Home Trends and Architectural Division 8.
In December 2018, TCC executed a lease with FedEx Corporation for an 85,000-square-foot build-to-suit distribution facility (Building 4) that was completed in March 2020, along with the final phase of infrastructure improvements. TCC’s interest in Building 4 was sold in May 2020.
In September 2020, TCC began construction of Phase III (Buildings 3 & 5), totaling 317,572 square feet. In January 2022 TCC earned out of Phase III at 100% leased. At the time, Phase II tenants included Move Solutions, American Canning and Revelry. In February 2022, TCC commenced construction on Phase IV (Buildings 6 & 7), which totals 308,484 square feet and features two buildings with a shared truck-court arrangement.
Opportunity, Solutions & Outcomes
This site was sourced by the TCC team through months of coordination and the development of a strong relationship with the seller, a local family that has owned the site since 1902. Based upon TCC's knowledge of the area and the zoning patterns of surrounding sites, the project team recognized an opportunity for significant value creation at the site.With an extremely attractive purchase price, an excellent location at the intersection of Burleson Road and U.S. 183 and a clear path to added value, the site was quickly confirmed as the ideal site for Southeast Austin’s next business park.
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