Jerry D. Goldstein of the local office of Marcus & Millichap marketed the property on behalf of the seller, Bear Creek Professional Center Ltd. of Austin. He tells GlobeSt.com that the property at 4520 Highway 6 North was on the market for about three weeks and garnered three offers before going under contract to the buyer, Inwood Corp.
The building sold for its full list price and had a 9.8% cap rate at the closing. As a part of the deal, the seller's lender, Columbia Mutual Insurance Corp. of Columbia, MO, waived the prepayment penalty and recast the loan for the buyer, Goldstein explains. The new 10-year loan has a 75% loan-to-value ratio and 25-year amortization schedule.
According to Goldstein, the L-shaped building was constructed in 1979 and is currently 90% leased to medical tenants. Many of the tenants have been in the building since the early 1980s, adds Goldstein. The structure is situated on a 1.6-acre parcel that includes a pad site with a Dominos Pizza.
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