The Trade Group has renewed its lease of 4,705 square feet at Commerce Center South. Mark Milstead, an Industrial Specialist with NAI Austin, represented them.
Established in 1986, The Trade Group specializes in providing trade show display equipment and services, and has constructed over 40,000 exhibits.
NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate service-providers, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.
The Master’s Craft has taken 4,436 square feet of space at 901 Reinli in Austin, Texas. Rob Eaves and David Barber of NAI Austin represented the landlord.
The Master’s Craft is a flooring company specializing in manufacturing, importing and distributing hardwood flooring and related products.
NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate service-providers, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.
Dallas Rail and Mantel leased 3,870 square feet at 13803 Quitman Pass in Austin, Texas. The landlord was represented by Rob Eaves and David Barber of NAI Austin.
Dallas Rail and Mantel, originally a window sill installation company, focuses primarily on fireplace mantel and stair installation in residential homes.
NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate serviceproviders, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.
Southern Shingles has taken 33,138 square feet at 15607 Grand Street in Austin, Texas. Mark Milstead of NAI Austin represented the landlord. Southern Shingles, founded in 2000, is a residential and commercial roofing distributor. It was acquired in 2008 by SRS Acquisition Corporation, a building products distribution holding company. This is its first location in Austin.
NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate serviceproviders, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.
Martinez Painting LLC, a residential and commercial painting company, is expanding into 4,000 SF at 3401 Ed Bluestein in Austin. Rob Eaves, an Industrial Specialist with NAI Austin, represented the tenant.
The company, established in 1999, offers interior and exterior washing, painting and finishing as well as sheetrock and wood repair and replacement. Recent growth required it to expand. Its new location is near Calvin Electric, which should provide cross traffic for both companies.
NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate service-providers, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.
This article was written by Claudia Grisales for the Austin American Statesman. Please click here to view this article on their website.
ProLogis, the world’s largest warehouse developer, is moving to sell a big block of space in the United States, including in Austin.
The Denver-based real estate investment trust has circulated a brochure to prospective buyers listing 33 million square feet of industrial space for sale in 14 states, according to a report in the Denver Business Journal.
The offering includes more than 9 million square feet of space in Texas, including some in Austin, the Journal said.
The move is part of a series of steps that ProLogis began taking late last year to bring down its heavy debt load.
“This is a company that has a lot of challenges from a leverage perspective,” said Cedrik Lachance, a senior analyst at Green Street Advisors in Newport Beach, Calif. “They have a lot of debt, and it is going to take quite a while to work through it.”
The deal would not affect Austin’s Mueller development, where Catellus, a ProLogis subsidiary, is redeveloping the city’s former airport. Catellus does not own the land.
ProLogis has been hit hard by the recession, which has battered companies that use warehouse and distribution center space. In the past year, its shares have fallen 83 percent, and top executives have resigned.
But Lachance said the company has made some aggressive moves, selling off interests in China and Japan, to bolster its finances.
ProLogis did not return a call for comment Monday.
In Austin, ProLogis owns industrial space valued at $131.1 million, according to the Travis Central Appraisal District.
Jerry Heare , a principal at NAI Austin, a commercial real estate brokerage, said that even with the sale of some Austin property, the company would remain one of the city’s biggest owners of industrial space. “They were expanding very rapidly ” and probably borrowing a lot of money to do this expansion,” Heare said. “They just had a lot of money out ” and their lenders probably said, ‘Hey guys, we need more cash from you.’”
NAI Austin industrial specialist Jerry Heare along with Oxford Commercial brokers Rick Whiteley and Jeff Coddington represented Texas Electric Cooperatives (TEC) in locating and purchasing their new Austin headquarters location. The 7,700 sf office condo is located at 1122 Colorado Street, on the 24th floor of the Westgate Tower. The suite was purchased from Kidd, Whitehurst & Harkness General Partnership.
TEC represents cooperative electric utilities across Texas as well as offering repair and remanufacturing services, waste disposal and environmental consulting. They operate the only cooperatively owned utility pole production facility in the nation. The new, centrally-located downtown office will complement the existing 160,000 sf facility in Georgetown and the 50-acre manufacturing operation in Jasper.
NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate service-providers, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.
Sunstate Equipment Co. has purchased an 11-acre industrial property on IH-35 in Buda from Carlstead Trucking. NAI Austin Industrial specialists Jerry Heare and Mark Milstead co-brokered the transaction with Jones Lang Lasalle.
Sunstate Equipment Co. provides rental equipment, from hand tools to large forklifts and cranes, to industrial and construction companies. It operates an existing location in north Austin on IH-35.
NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate service-providers, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.
Noble Logistics recently leased approximately 12,000 square feet at Metro Center 2. The company was represented by David Barber and Rob Eaves, both Industrial Specialists with NAI Austin.
Noble Logistics provides logistics and distribution services to the wholesale auto parts industry.
NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate service-providers, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.
The semi-annual survey recently conducted by NAI Austin of industrial real estate absorption and vacancy reveals that, during the first half of 2008, just over 1,000,000 square feet were added to the industrial investment market. During the same period, 253,000 square feet were absorbed. The vacancy rate rose from 11 to 14 percent, with a total of 5,000,000 square feet available for lease in a market of over 35,000,000 square feet of investment grade properties.
The survey breaks down the industrial market into warehouse/industrial and lex/R&D. Flex/R&D has a higher building finish-out and can be used as low-cost office space. Warehouse/industrial has very little office space and is used for storage or manufacturing. Of the 35,000,000 square feet in the market, 65 percent is warehouse/industrial and 35 percent is flex/R&D. When separated, the flex/R&D is 12,788,227 square feet of the total market with a current vacancy rate of 15 percent. Warehouse/industrial comprises 22,771,151 square feet of the market, and its current vacancy is 14 percent.
In the last half of 2008, a total of 1,200,000 square feet of space should be delivered to the market. While some of this space is pre-leased, it is still likely that the vacancy rate will climb by the end of the year. This may be partially offset by an increase in the rate of absorption that has taken place historically in the third and fourth quarters for the past five years.
