AUSTIN-Following a more-than-decade hold, PacTrust, headquartered in Portland, OR, sold the 155,545-square-foot Commerce Center South to Stoltz Real Estate Partners. With first buy in the Austin area, the Pennsylvania-based investor obtained three class A flex/industrial buildings that were 100% occupied, and a 35.3-acre development site.
According to the Travis Central Appraisal District, the asset at 5812 Trade Center Dr. on Austin's southeast side was assessed at $4.3 million. TCAD also indicated that PacTrust acquired the industrial property in 2000.
Hale Umstattd, Leah Gallagher and Luke Wheeler of Transwestern represented the seller. Stoltz Real Estate Partners plans to expand its real estate holdings in the Austin market through the acquisitions of office, industrial and retail properties.
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