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Intercontinental Closes Second Austin Buy in Two Months

AUSTIN-Boston's Intercontinental Real Estate has made its second Austin buy in nearly two months. This time, the firm has acquired the Stone Creek Plaza I and II, totaling 240,000 sf. The buyer's acquisition director says it's here for the long-term.

By Tim Green | Updated on August 13, 2001

AUSTIN-Boston-based Intercontinental Real Estate Corp. has expanded in holdings in Austin with the purchase of two office buildings in the city’s north submarket from a partnership of Miller Global and Yancey-Hausman.

Austin is the kind of market Intercontinental likes, John Matteson, director of acquisitions, tells GlobeSt.com, and it expects to hold to the properties for awhile. No one’s talking terms but, he says, “We’re eight-10-12 year holders of properties, so we’re in for the long term. We’re focused more on location and quality of assets than trying to flip these properties in two years.”

Stone Creek Plaza I, a 75,000-sf building at 11902 Burnet Rd., is 100% leased by its sole tenant, First American Flood Data Services. The 165,000-sf Stone Creek II, 11921 N. MoPac Expressway, is 88% leased. Siemens is the anchor tenant. “We bought these (buildings) at good cap rates going in and we see some upside with the vacant space in Stone Creek II to build a turnaround and get that space leased up,” Matteson says.

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