Karlin Real Estate Sells 302K SF Building in Austin, TX to GM

AUSTIN, Texas - July 17, 2015 - PRLog -- Karlin Real Estate has sold a 302,604-square-foot industrial building located at 13201 McCallen Pass in north central Austin to General Motors.  Terms of the sale were not disclosed.
  GM acquired the building to complement its existing Austin IT Innovation Center at 717 E. Parmer Lane.
  The facility is located within Sector 6, the first phase of the 400-acre master planned technology and office park being developed by Los Angeles-based Karlin and Dallas-based Trammell Crow Company.  Sector 6 is comprised of three existing institutional quality industrial buildings totaling approximately one million square feet, which were previously occupied by Dell Inc.
   All three buildings have been leased or sold, including 400,000 square feet to Fortune 500 companies, according to Karlin Vice President Vicky Canto-Ponce who is overseeing the development.  Other tenants within Parmer’s Sector 6 include Allergan, Brown Traffic and Marco Fine Arts.
  Trammell Crow, acting as master developer, is currently completing the first phase of new construction at PARMER, a three-story, 192,000-square-foot office building and has plans to break ground on an identical building later this year.  Both buildings are designed for single- or multi-tenant occupancy, and will feature 64,000-square-foot floor plates.
   “PARMER has drawn a lot of attention from a wide variety of users who are looking for value office space in Austin,” said Mark Emerick of CBRE who along with John Barksdale head the PARMER leasing team. “Since the announcement of the development last July, we have quickly cycled through the one million square feet of existing space and have received numerous proposals for the new construction,” said Emerick.
  PARMER is currently zoned for several million square feet of office, industrial, hotel and retail uses.  The development will feature a central amenity area that will include covered outdoor dining and seating areas, extensive hardscape improvements, miles of jogging/walking paths and wi-fi enabled social areas in an abundantly landscaped setting.
  PARMER is bordered by McCallen Pass on the West, E. Howard Lane on the North, Harris Ridge Boulevard on the East and Parmer Lane on the South, with immediate access to I-35, MoPac and US 183.
  Emerick and Barksdale represented Karlin in the sale to GM.   JLL’s AJ Weiner, in the firm’s Detroit office and Liz Ticker and Jake Ragusa in JLL’s Austin office represented GM.

About Karlin Real Estate

Karlin Real Estate (http://www.karlinre.com) is a Los Angeles-based real estate investment firm, and affiliate of Karlin Asset Management, a private investment firm with more than $1.5 billion in unleveraged capital under management.

About Trammell Crow Company

Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of March 31, 2015, TCC had $5.5 billion of projects in process and $3.6 billion in its pipeline. Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development, or providing incentive-based fee development services. TCC is an independently operated subsidiary of CBRE Group, Inc. , a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). For more information visit www.TrammellCrow.com.