AUSTIN – A partnership headed by Vista Equities Group, a Houston firm led by Woody Mann, has acquired the Park Central office building in Austin.
Park Central is a 114,091-square foot multi-tenant building located in Austin’s North submarket near the intersection of Interstate 35 and Parmer Lane.
“This acquisition fits well into Vista’s investment philosophy and we are pleased to be able to add a quality property, such as Park Central, to Vista’s expanding presence in the Austin market,” Mann said.
Transwestern reported the building received “considerable attention from the investor community” as one of the few value-add investment opportunities available in Austin with a significant leasing component. The building was constructed in 2008.
“Park Central offers a good yield from quality tenants while providing significant upside potential with Austin’s strong economic growth and limited vacancies,” said Transwestern’s Gallagher. “The large block of space available at Park Central and the building’s ability to accommodate higher density tenants were obviously important factors in Vista’s acquisition of this asset.”
Under Vista Equities Group’s direction, leasing responsibilities for Park Central will be handled by ECR and property management services will be provided by Vista Management Company.
Financing for the acquisition of Park Central was provided by GE Capital Corporation and was arranged through Tyler Ford of HFF’s Houston office.