Class B Assets Command New Attention
- Sep 01, 2015
By Anca Gagiuc, Associate Editor
Illustrating the surging interest in Austin office product, Maryland-based Moore & Associates recently acquired Westlake Place, a 60,338-square-foot, multi-tenant property located at 1515 South Capital of Texas Highway in southwest Austin. The Class B property was 94.2 percent occupied at the time of the sale.
The seller, a California-based partnership, was represented by Walter Saad, Cathy Nabours and Logan Reichle of CBRE’s Austin office.
“The transaction is representative of a developing Austin trend of long-term owners choosing to sell now,” said Cathy Nabours, CBRE first vice president. “Very few Class B office buildings traded in the last two market cycles. Current owners of this product are finally able to take advantage of selling under favorable market conditions while buyers can still obtain historically low interest rates for new financing.”
Its tenants include Sotera Defense Solutions, Inc., Frontier & Associates, and Vertex Software Corp.
“Moore & Associates has historically purchased institutional-quality Austin properties and the group recently modified its buying strategy locally to include Class B suburban office assets with potential upside,” said Walter Saad, CBRE first vice president. “Moore & Associates plans significant capital improvements to reposition the asset to take advantage of its coveted location on Capital of Texas Highway and capitalize on current tenant demand.”