REIT Exits Development JV For $211 Per SF

AUSTIN-Crescent Real Estate Equities Co. has sold its partnership stake for $211 per sf in a just-completed, 145,475-sf spec office project in the southwest submarket. The REIT and Champion Partners each own a 50% stake in the finished product, Parkway at Oak Hill.

Crescent has put a gag order on all sides of the deal, but the street still has some insight to offer: some historical, some part of the record and some anecdotal. Local sources say the buyer is International Capital Partners of Scottsdale, AZ.

According to its press release, the Fort Worth-based REIT reaped $12.47 million for its 90% share, which amounts to the equity percentage that Crescent kicked into the 22-acre spec project. The Dallas-based Champion, providing 10% of the equity, is developer and general partner of the two-building project at 4801 Southwest Pkwy.