Divco West Acquires Pointe I and II for $53M; Pioneer Green Raises $11M
- Feb 15, 2012
By Camelia Bulea, Associate Editor
Divco West Acquisitions LLC recently acquired two Class A office buildings in Austin, totaling about 261,243 square feet. The transaction includes Prominent Pointe I and II, which were sold for $53 million. Austin-based Aquila Commerical arranged the transaction on behalf of the seller, Aspen Properties, according to Commercial Property Executive.
Remodeled in 2007, Prominent Pointe I totals 153,312 square feet, while Prominent Pointe II, constructed in 2008, totals 107,931 square feet, according to an HFF news release. The release also stated the properties contain multiple 2,000- to 35,000-square-foot suites designed for large users. Prominent Pointe I and II have a combined occupancy of 90.6 percent.
According to Austin Business Journal, Pointe I houses 40 tenants and Pointe II houses six tenants, including Sony Online Entertainment LLC. The properties are located at 8310 Capital of Texas Hwy. within one mile of the Arboretum development in Austin’s 360 Corridor.
In other news, Austin-based Pioneer Green Energy has secured $11 million to develop wind projects in the U.S. The funds increased the company’s total capital to $20 million, according to the Austin Business Journal. Pioneer’s portfolio includes 20 wind projects and 10 solar projects in development in New England, the Mid-Atlantic, the Southeast, Texas, California and the Southwest.
“The $11 million financing is a strong testament to our team, our focused approach to markets and the development portfolio that we have assembled,” said Andy Bowman, wind industry executive and owner of Pioneer Green, in an interview with Citybizlist.com.
Formed in 2009, Pioneer was created to leverage the seven founding members’ strong industry experience and innovative development strategies to meet the country’s increasing demand for green energy projects.
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Photo credits: internal.cpexecutive.com