Arbor Square Office Asset Sold in Northwest Austin
- Feb 17, 2016
Austin, Texas—CBRE Capital Markets’ Investment Properties announced it closed the sale of Arbor Square, a multi-tenant office park in Northwest Austin. Entrada Partners of Los Angeles acquired the asset from California-based AMC Investments. The financial details of the transaction have not been disclosed; the property was 90.2 percent occupied at the time of the sale.
Walter Saad, Cathy Nabours and Logan Reichle with CBRE’s Austin office represented the seller in the transaction.
“Since purchasing Arbor Square through our team in 2008, AMC Investments has actively acquired and sold properties in Austin and San Antonio. The firm will still consider an outright building purchase, however their primary strategy has shifted slightly to providing equity and teaming with local operating partners,” Walter Saad, first vice president with CBRE, said in a statement.
Arbor Square is a Class B asset developed back in 1984 and renovated in 2007. The property consists of Arbor Square I & II, totaling 50,836 square feet of office space. Both buildings are storefront-style developments located at 12885 Research Blvd., adjacent to Lakeline Mall in the city’s northwest submarket.
“Arbor Square is strategically located in Austin’s Northwest tech corridor, with direct access off Research Boulevard and adjacent to new retail and multifamily developments. This continues to be one of the strongest submarkets in the city, and we are excited to be part of its growth,” said Reuben Berman, principal at Entrada Partners.
“Entrada Partners continues to be a great CBRE client in the multifamily arena and this was the first time our team worked with them as buyers of Austin office product. Reuben Berman and his team at Entrada are actively seeking to buy office, retail and industrial product in Central Texas and we expect them to be successful in Austin and surrounding communities for years to come,” said Cathy Nabours, first vice president, CBRE.