NYC Investor Takes 2 Office Buildings
- Jul 06, 2015
By Anca Gagiuc, Associate Editor
Valor Capital Partners joins the growing roster of investors attracted to Austin’s office market. Recently, the New York City-based firm announced the acquisition of two Class B office buildings from a Dallas investor.
According to data provided by PropertyShark, Valor Capital bought the Wells Fargo Building at 2028 E. Ben White Blvd. and Centre Creek Plaza at 1812 Centre Creek Drive from Rancho Texas 20 Investments L.P. MLK Real Estate Capital handled the equity financing on behalf of the buyer. Terms of the transaction were undisclosed.
The two properties offer more than 112,000 rentable square feet, and even though they are located in different submarkets–southeast and northeast–they are similar in size and vintage. Wells Fargo Building is a five-story building built in 1985 that sits on a 3.5 acre-site and encompasses about 54,867 square feet. Also completed in 1985, Centre Creek Plaza is a three-story, 57,634-square-foot building on 3.8 acres.
Valor Capital Partners plans minor renovations to both buildings and ECR will continue to manage leasing. “VCP is delighted with the closing of these two properties and we continue to focus on Austin as one of the most promising and desirable commercial office markets in the U.S.,” said Roy Bajtel, managing partner of VCP.
Image courtesy of ECR.