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AUSTIN-M&K Metals Inc.’s recently signed lease for 7,500 square feet has pushed occupancy at the two-building Cameron Creek Business Park to 91%. The two-building, 86,000-square foot industrial asset began life as speculative space when it was completed in December 2007.

“We had another three to four months to go with lease-up, according to our pro forma. We beat our estimates on the leasing velocity,” says David Alsmeyer, principal with TIG Real Estate Services’ Austin office. TIG helped develop the buildings at 9200 Cameron Rd. and handles leasing on behalf of owner Thackeray Partners in Dallas.

Other tenants building are GameFly, which has 15,000 square feet, Champion Windows, which took down 9,000 square feet and Morrison Plumbing Supply, which occupies 47,000 square feet. The leases range from five to 10 years, and the quoted lease rate is $7.80 per square foot, net. TIs were varied, depending on the needs and finish-out. “We have one space, an end cap,” Alsmyer says, adding there’s been interest in the space but no definite LOIs or contracts are in the near future.

Alsmeyer tells GlobeSt.com there are several reasons why the industrial space in the north submarket attracted so much interest. For one thing, when it came online late last year, it was the only game in town insofar as new construction in its submarket.

Furthermore, “This has good visibility, good access and was well-positioned to take advantage of all kinds of tenants,” Alsmeyer says.

Though Cameron Creek Business Park has done well, Alsmeyer says TIG is going to wait before starting on its next area project, dubbed Cameron Crossing. Cameron Crossing right now is a 12-acre site across the street from Cameron Creek Business Park, but it’s planned to become so much more. “The plan calls for development of 100,000 square feet of industrial space there, but we’re waiting for the right market conditions to break ground on that,” Alsmeyer adds.

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