AUSTIN – Houston-based Braun Enterprises has sold a pair of Austin buildings – the Park Place II and III near US Highway 290 in south Austin.
Nashville-based OakPoint Real Estate and Austin’ Haverwood Management purchased the buildings, a total of 68,000 SF of multi-tenant office space.
CBRE Capital Markets’ Investment Properties handled the transaction. The Class B assets are 97 percent occupied.
“This is the second Austin office acquisition for OakPoint and local operating partner Haverwood Management this year, after entering the Austin market in mid-2013 with the purchased of the Briarcroft and 9101 Burnet Road office portfolio. This investment team has a true talent for renovating and repositioning assets,” said Cathy Nabours, First Vice President, CBRE. “As one of the most active buyers in Central Texas today, you can expect to hear more acquisition and sale announcements from OakPoint and Haverwood Management in 2016.”
“This was our second opportunity to work on a disposition with Braun Enterprises, after representing them in the sale of Centennial Towers in 2014. They are actively looking to purchase retail and office properties in Central Texas and we look forward to working with them again,” said Walter Saad, First Vice President, CBRE.
Todd Mills, Walter Saad, Cathy Nabours, Logan Reichle, and Hunter Mills with CBRE’s Austin office, represented the seller. Casey Knust and BK Newsom, with CBRE Capital Markets’ Debt & Structured Finance, arranged acquisition financing on behalf of the buyer.