CBRE Capital Markets Arranges Sale of Two-Building Office Portfolio
- Mar 01, 2016
Austin, Texas—CBRE Capital Markets’ Investment Properties announced the sale of two stabilized office buildings in Austin totaling 124,310 square feet. The Briarcroft Building and 9101 Burnet were acquired by New York-based Valor Capital Partners from seller OakPoint Real Estate of Nashville. The price tag of the transaction was not disclosed.
Walter Saad, Cathy Nabours, and Logan Reichle with CBRE’s Austin office represented the seller.
“The purchase of the Briarcroft and 9101 Burnet office buildings represents the second Austin investment transaction by Valor Capital Partners in six months. The group now owns four multi-tenant office buildings in Austin. Roy Bajtel and his partners are bullish about the Austin office market and are aggressively seeking additional buying opportunities,” Walter Saad, first vice president at CBRE, said in a statement.
The Briarcroft Building is a multi-tenant office property located at 12710 Research Blvd. Totaling 63,825 square feet, the asset is fully occupied by a diverse mix of tenants, including Hellas Construction and Mx Toolbox. The property has been subjected to recent capital improvements, including lobby upgrades, restroom renovations, elevator modernization, landscaping and HVAC efficiency upgrades.
The office building at 9101 Burnet totals 60,485 square feet and is also 100 percent occupied. Major tenants include Schneider Electric and Arrow Electronics. The property underwent a series of recent capital improvements, including lobby upgrades with ceiling replacement, new LED lighting throughout, new carpeting, recessed sprinkler heads and a new energy management system.
“Nashville, Tennessee-based OakPoint Properties and local operating partner Haverwood Management are committed to investing in Austin and have been extremely active over the last six months, including three acquisitions in December: Enterprise Plaza, Park Place office buildings and Donley Plaza. The firm purchased 9101 Burnet and the Briarcroft Building through our team in June 2013 and repositioned the properties with major upgrades to the common areas, lobbies and tenant suites. The new owner will profit from these improvements as future tenant leases are signed,” said Cathy Nabours, first vice president at CBRE.