Tour 2 Austin-Area Office Assets Sold by GLL
- Jul 23, 2018
GLL Real Estate Partners, a member of the Macquarie Group, finalized the sale of Las Cimas II & III in southwest Austin, Texas. The Class A office buildings had been under GLL’s ownership since 2013. HFF represented the seller.
The new owner of Las Cimas II & III is Rockpoint Group of San Francisco, according to Yardi Matrix data. The sale was a portfolio transaction incorporating 156,682 square feet of space at Las Cimas II and 156,682 square feet at Las Cimas III. Most recently, the two buildings traded in 2013 through a portfolio transaction with an estimated value of $88 million.
The development is located on 3.5 acres at the intersection of Loop 360 and Bee Caves Road and was 91 percent leased at the time of the deal. Tenants at Las Cimas include Whole Foods Market, Tesla Motors and Jones Energy. Amenities include a fitness center, conference rooms, a Whole Foods Market and 627 parking spaces.
“GLL was one of the first international real estate institutions to see potential in the suburban Austin office market and we’ve been validated in our view by seeing tremendous growth throughout the Austin market over the last five years,” Christian Goebel, executive vice president of GLL, said in prepared remarks. “These are high-quality office buildings with strong cash flow for which we had fully executed our business plan. However, we continue to own, and will consider purchasing, strategic assets in this market.”
Last month, through CBRE, GLL acquired a 226,392-square-foot industrial asset in Weston, Fla., from Becknell Industrial for $30.4 million.
Video courtesy of Peloton Austin