OakPoint Acquires Austin Office Asset
- May 02, 2019
OakPoint Real Estate has acquired Westlake Place, a 61,740-square-foot office property in Austin, Texas, from Moore & Associates. HFF arranged a 10-year, fixed rate acquisition loan through Lincoln Financial Group on behalf of the buyer. A sale price was not disclosed.
The buyer purchased the five-story building with a portion of $50 million in capital the company received last year. OakPoint plans to invest in additional capital improvements at the Class B office property, which was 92 percent leased at the time of the deal. According to Yardi Matrix data, the asset last changed hands in 2015, when Moore & Associates purchased the property from Berns Commercial Properties. The sale was subject to a $9 million loan held by Regions Bank.
Built in 1981, Westlake Place is located at 1515 S. Capital of Texas Highway in southwest Austin, on a 2.5-acre site. The property is near the Village at Westlake Shopping Center and Barton Creek Square and provides easy access to main thoroughfares such as Texas State Highways loops 1 and 360.
An HFF investment advisory team of Cathy Nabours, Walter Saad and Drew Fuller represented the seller in the deal, while an HFF debt placement team led by Chris McColpin acted on behalf the buyer.
The deal comes on the heels of a successful year for commercial real estate in the Central Texas metro. Austin’s office market experienced high demand in 2018, bolstered by steady job growth and company expansions, according to the latest Yardi Matrix report. That demand is being matched by a large amount of supply in the pipeline—3.6 million square feet was under construction as of December.
OakPoint has been active in the Austin office market for several years, along with local partner Haverwood Management. In a joint venture with Haverwood, OakPoint acquired Donley Plaza, a 69,547-square-foot office property in North Central Austin.