CBRE National Partners announced the sale of Harris Ridge Business Center (Harris Ridge), a Class A+, industrial park located at 1100 East Howard Lane in Austin. TA Realty purchased the 387,838-sq.ft. five-building asset from HPI Real Estate Services for an undisclosed price.
Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.
Centrally located in the fast-growing North Austin submarket, Harris Ridge consists of five industrial buildings that were constructed starting in 2008 with the final building delivering in 2021. The Portfolio is 100% leased to 11 tenants with an average suite size of 32,392 sq. ft. Harris Ridge is 1.5 miles from I-35 and is close to local demand drivers, including The Domain, a high-end, mixed-use retail, office and residential community.
“Austin has consistently been one of the fastest-growing cities in the country and there’s a tremendous demand from investors for industrial space in the region,” said Mr. Bryan, Executive Vice President with CBRE. “There was significant interest in Harris Ridge because of its location, Austin’s market fundamentals and the incredible rent growth projections in Austin, enabling ownership to grow NOI in the coming years.”
According to CBRE’s 2021 Americas Investor Intentions Survey, Austin is the No. 1 most preferred market in the Americas for commercial real estate investors. Investors in the survey demonstrated strong interest in Sun Belt markets, particularly those with favorable job and population growth prospects.