The Metropolis of Austin has acquired College Park, a 206,657-square-foot workplace constructing in Austin, Texas. Lionstone Investments offered the property for $26 million, with the help of JLL Capital Markets.
The property was 20 % leased on the time of sale. Lionstone had bought it from Spear Road Capital in 2016, in response to CommercialEdge info.
Austin’s workplace funding quantity within the first quarter of the yr clocked in at $111 million, in response to the most recent CommercialEdge report. Property within the metro traded for $278 per sq. foot, effectively above the $183 nationwide common. Nonetheless, the market’s emptiness charge was one of many largest within the U.S., reaching 28.5 %.
A LEED Gold-certified Austin workplace constructing
Accomplished in 2008, the eight-story constructing is at 3300 N. Interstate Freeway 35. Positioned inside 2 miles from downtown Austin, the mid-rise can also be north of the College of Texas and adjoining to St. David’s Medical Middle.
The LEED Gold-certified property has floorplates averaging 24,376 sq. toes. Facilities embrace a health heart, retail house and coated parking. Its tenant roster presently options SpareFoot, WeWork, The Central Texas Regional Mobility Authority, Iron Crest Nationwide Title and Ticketbud, the identical supply exhibits.
JLL Capital Markets Managing Administrators Ryan Stevens and Drew Fuller led the funding gross sales and advisory group that labored on behalf of the vendor.
At the start of March, Lionstone offered Advance Auto Components Tower, a 20-story, 346,000-square-foot, LEED Gold–licensed workplace tower in Raleigh, N.C. Highwoods Properties Inc. acquired the property for $138 million and the transaction was featured on Industrial Property Govt‘s brief checklist of serious workplace and industrial offers which have closed to this point this yr.
