Search
 

New Owner Eyes Rent Hike for Canyon at Wild Basin

AUSTIN-The 75,000-sf Canyon at Wild Basin fits the buy strategy of Intercontinental Real Estate Corp. Now that it's part of the portfolio, the below-market rent will be raised, says the company.

By Tim Green | Updated on June 14, 2001

AUSTIN-Intercontinental Real Estate Corp. has bought the Canyon at Wild Basin, a 75,000-sf office building in southwest Austin. Intercontinental, based in Boston, purchased the fully leased building from Denver-based Miller Global in a cash-transaction through the Intercontinental Real Estate Fund III LLC. Everyone’s hushed about the selling price.

The Canyon, located at 115 Wild Basin Rd., is just north of the Bee Cave Road-Loop 360 intersection. Designed by Phillip Ewald Architects of Houston, the building was completed in 1999. The name tenant on the building is CyberTrader Inc., an Austin-based division of Charles Schwab Corp.

Intercontinental plans to raise the building’s lease rates, which it says are below market, to match the market rates in three or four years. In a prepared statement, the company says the building is typical of those it will seek to buy with its third fund–class-A space in markets with strong barriers to entry and where properties are undervalued.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.