Austin 246,000-SF McNeil 1 brings $11 million

AUSTIN – McNeil 1, a 246,390-sf industrial complex at 12317 Technology Blvd., has been sold for $10.6 million.

The building, which is 53.3 percent occupied, is adjacent to the 279,000-sf McNeil Business Park which is 100 percent leased. 

About 140,000 sf at McNeil 1 is available for lease.

PS Business Parks, who bought McNeil 1, is a publicly traded company based in Glendale, California, which owns and operates nearly 29 million sf of commercial space in eight states. The purchase increases the company’s presence in Austin to 2 million sf.

Vacancy rates continue to drop in the industrial sector to 11.3 percent, according to CBRE’s third quarter report. The northwest submarket is close to that average with 11.2 percent vacancy.