HFF Brokers Northwest Austin Office Sale

HFF has completed the sale of a multi-tenant office property totaling 40,798 square feet in the Northwest submarket of Austin, Texas. The Bancroft Family sold the three-story building to an affiliate of F&B Capital.

Located at 5508 Parkcrest Drive, the property was completed in 1985 and recently underwent a series of upgrades. According to public records, 5508 Parkcrest is currently occupied by a diverse tenant roster including Blue Tree Health, Merchants & Professional Collection Bureau, FutureSearch Trials and Sleep Medicine Consultants.

HFF’s Managing Director Walter Saad and Director Drew Fuller facilitated the transaction on behalf of the seller. Earlier this year, HFF closed the sale and secured acquisition financing for a 251,143-square-foot office building Austin, Texas.

Visibility and easy access

Situated just west of the Mopac Corridor near the Farm to Market Road 2222 intersection, the Parkcrest building offers visibility and direct access to Austin’s major roadways, in-fill residential areas and mixed-use developments.

“5508 Parkcrest is ideally situated in the Northwest Austin submarket, which boasts a 92 percent occupancy rate,” Saad explained in a prepared statement. “With rental rates on the rise, we have seen more office tenants seeking to purchase and own their own office buildings along Mopac in the Central, Northwest and Southwest submarkets.”

Image via Google Street View