AUSTIN-Spire Realty Group LP, has added the 445,322-square-foot Austin Oaks, a 12-building office complex, to its portfolio. The Dallas buyer struck a deal with local seller Riverside Resources Corp. to acquire the campus on Austin's northwest side.
The complex at 7718-7719 Wood Hollow Dr. and 3409-3737 Executive Center Dr. – at the southwest corner of Mopac Expressway and Spicewood Springs Road – is 95% leased. According to the website of CBRE, which marketed the asset and represented the seller in closing, near-term roll and some vacancy provided decent upside potential. Todd Mills and Casey Knust of CBRE were the seller reps.
The sales price was not disclosed, but Riverside Resources paid $35 million in May 2011, when it acquired the complex from Miami-based LNR Partners LLC. LNR, in turn, had acquired the complex from Aspen Growth Properties at a foreclosure auction in October 2010.
Executives with Spire Realty, which already owns Chase Tower in Austin, like Austin Oaks' location.
“Austin Oaks, a beautifully landscaped 31-acre campus, offers unmatched visibility, impressive Hill Country and CBD views and superior access to the Arboretum and Domain mixed-use developments," says Jon Ruff, Spire Realty's senior vice president. "Austin Oaks also benefits from its inclusion in Austin's technology-focused, high growth, yet well established northwest submarket."
Ruff goes on to say that companies flocking to the area will add close to 7,000 new jobs. As such, "Austin Oaks is well-positioned to benefit from this explosive economic activity," he says.
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