KBS Realty Advisors Sells SouthTech Business Center Industrial Property In Austin To MIG Real Estate

The SouthTech Business Center, a 260,112 square-foot Class A light industrial property located at 2101 East Saint Elmo Road in Austin, Texas, has been successfully sold by Gio Cordoves of KBS Realty Advisors to a 1031 investor represented by MIG Real Estate. With a 93% lease rate and a track record of strong occupancy, the property offers immediate value-creation potential by leasing the remaining 7% of space and aligning rents with market rates.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: Not specified
• Date: 04/23/2024
• Market: Austin
• Seller: Gio Cordoves - KBS Realty Advisors
• Buyer's Rep: MIG Real Estate
• Seller's Rep: Brooke Petzold, Charlie Strauss, Lance Young & Trent Agnew - JLL

JLL brokers Trent Agnew, Charles Strauss, Lance Young, and Brooke Petzold played a pivotal role in facilitating the transaction on behalf of KBS for the sale of the SouthTech Business Center. The partnership between the sellers and the buyer's representative, MIG Real Estate, underscores the collaborative effort behind the successful deal.