AUSTIN, Texas – CBRE Capital Markets’ Investment Properties announced the sale of two stabilized Class B office buildings in Austin, totaling 124,310 square feet.
New York-based Valor Capital Partners purchased the Briarcroft Building and 9101 Burnet from Nashville-based OakPoint Real Estate for an undisclosed price.
The Briarcroft Building is a 63,825-square-foot, office building at 12710 Research Boulevard. The asset is 100 percent occupied by a diverse blend of tenants, including Hellas Construction and Mx Toolbox.
The other building, at 9101 Burnet Road, comprises 60,485 square feet and is 100 percent occupied. Notable tenants include Schneider Electric and Arrow Electronics.
“The purchase of the Briarcroft and 9101 Burnet office buildings represents the second Austin investment transaction by Valor Capital Partners in six months. The group now owns four multi-tenant office buildings in Austin. Roy Bajtel and his partners are bullish about the Austin office market and are aggressively seeking additional buying opportunities,” said Walter Saad, First Vice President, CBRE.
“Nashville-based OakPoint Properties and local operating partner Haverwood Management are committed to investing in Austin and have been extremely active over the last six months, including three acquisitions in December: Enterprise Plaza, Park Place office buildings and Donley Plaza. The firm purchased 9101 Burnet and the Briarcroft Building through our team in June 2013 and repositioned the properties with major upgrades to the common areas, lobbies and tenant suites. The new owner will profit from these improvements as future tenant leases are signed,” said Cathy Nabours, First Vice President, CBRE.
Walter Saad, Cathy Nabours, and Logan Reichle, with CBRE’s Austin office, represented the seller.