Hunter Barrier, Austin-based McShane's president, expects construction to start by August and wrap up in first quarter 2002. The second phase, totaling 90,000 sf, will hinge on market demand. And, the demand is there, he emphasizes. "The northeast market for industrial is still very tight," Barrier tells GlobeSt.com. "There is a lot of interest, there is a lot of demand and still there is not a lot of supply."
With this buy, Tuscany Center will consist of 52 acres with the potential of 650,000 sf, all being built out in warehouse-service center space. The project's sole completed building, totaling 100,000 sf, is fully leased to Three Way Inc. July will bring the completion of a 50,000-sf building and a month later another 80,000 sf will deliver. Barrier says there are numerous tenant deals in the pipeline for both structures. He expects pacts will start getting inked in the next few weeks.
The two-building expansion will complete McShane's work in the Walnut Creek Business Park area, says Barrier. Full build-out carries a $40-million ticket. Ron Pope of TAG International's Austin office designed the project.
Dallas-based Cadence McShane Corp.'s Austin office is acting as general contractor and Thomas D. Brown has been the development's landscape architect. Carlson, Brigance & Doerhing Inc. is the civil engineer.
Mike Tipps, co-founder and principal of Colliers Oxford Commercial in Austin, and fellow brokers Bob Wynn and Charlie Hill represented McShane Corp. in the land buy. Kennedy-Wilson used in-house broker Steve Phyrr for the negotiation for the Exchange Drive property.
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