Thursday , 29 September 2016
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Austin Group Acquires Office Properties in Fort Worth

The Summit office park in Fort Worth has been purchased by an Austin investment group.

The Summit office park in Fort Worth has been purchased by Pennybacker Capital, an Austin investment group.

FORT WORTH –  Pennybacker Capital of Austin purchased the Summit Office Park, a two-building, 242,482-square-foot office complex in Fort Worth.

HFF marketed the property on behalf of the seller, Prescott Group.  Pennybacker Capital purchased the asset and HFF assisted in securing acquisition financing on behalf of the buyer.  The seven-year loan was provided by ViewPoint Bank.

Summit Office Park is located near Interstate 30 just west of downtown Fort Worth.  The eight-story buildings, located at 1200 and 1300 Summit Avenue, are 95 percent leased and have 120,396 square feet and 122,086 square feet, respectively.

The HFF debt placement team was led by senior managing director Travis Anderson and managing director Steve Heldenfels.

Prescott Group is an investment company headquartered in Dallas that focuses on real estate assets and debt.

Pennybacker Capital is a real estate private equity firm headquartered in Austin.

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