SPOTLIGHT ON AUSTIN: Dividend Capital Buys Pair of Class A Office Buildings
- Jan 28, 2015
Dividend Capital Diversified Property Fund (DPF) has expanded its footprint in Austin, acquiring two Class A office buildings from Lincoln Property Co. Totaling 155,000 square feet, the assets sold for $37.3 million, Denver-based DPF announced on Jan. 21. That equates to about $240 per square foot.
Dubbed Rialto I and Rialto II, the buildings are located at 7500 Rialto Blvd. near the intersection of Southwest Parkway and William Cannon. The properties also include a 205-space parking structure. At the time of the sale Rialto I and II were 94 percent leased to 21 tenants.
“The acquisition of Rialto I and Rialto II adds to DPF’s presence in the Austin . . . market, and is consistent with our stated acquisition strategy of buying high quality buildings in select markets characterized by what we believe are strong long-term fundamentals,” said Diversified Property Fund CEO Jeff Johnson in a statement.
DPF funded the purchase using cash on hand and financing provided by its revolving credit facility. Andrew Levy, Kelsey Roop, Todd Savage, and Patrick McCord of HFF represented the seller.
Photo courtesy of Regus.