HFF Closed Sale of 314,399 Square Feet of Class A Office Space in Austin
- Sep 26, 2014
HFF announced closing the sale of a Class A suburban office portfolio totaling 314,399 square feet in Austin, Texas. It represented the seller, Intercontinental Real Estate Group. The buildings involved in the transaction are Stonecreek I and II and Canyon at Wild Basin. The financial details of the transactions were undisclosed, but both properties were sold clear of any existing debt.
Stonecreek I and II were acquired by a private real estate fund advised by Crow Holdings Capital – Real Estate. The properties are located at 11920 and 11921 North Mopac Expressway, north of The Domain. The complex sits on a combined 9.57 acres, encompassing 239,819 square feet of the total portfolio marketed by HFF in the current transaction. The two buildings are 97.9 percent leased to CoreLogic, Time Warner, Century Link, Intellimark, TSMC, and Siemens.
Canyon at Wild Basin was acquired by CapRidge Partners. The property is located on 10.68 acres at 115 Wild Basin Road in southwest Austin. Displayed on three stories, the building represents 74,580 square feet of the transaction. A two story garage is adjacent to the office development and an executive parking underneath it. The property is 80 percent leased; tenants include Open Symmetry, Alliance Association Management, Downs & Stanford, Dynamic Computing Services, X1 Labs, Creative Solutions, Cloud 8 Sixteen, Powell & Leon, Human Software Group, and Texas Republic Capital Corporation.
“We are very pleased with the activity generated and the entire sale process executed by HFF,” says Thomas Taranto, Director of Acquisitions, Portfolio & Asset Management and the one who led the disposition process for Intercontinental.