AUSTIN--CBRE Capital Markets' Investment Properties announces the sale of Park Place II and III, a 68,058-square-foot, multi-tenant office park in Austin.
Nashville, TN-based OakPoint Real Estate and local partner Haverwood Management purchased the asset from Houston-based Braun Enterprises for an undisclosed price.
Park Place II and III consists of four office buildings located at 4009 and 4005 Banister Lane, in the south Austin submarket. The buildings sit adjacent to both the southwest and CBD office submarkets, historically two of the best performing in the city, and the location just off of US Highway 290 is easily accessible from the south, CBD, southwest and Austin-Bergstrom International Airport.
The class B assets are 97 percent occupied.
"Tenant demand for office space has reached an all-time high in Austin and scarcity of available space continues to drive rental rate increases," Logan Reichle, associate, CBRE, told GlobeSt.com. "This trend is proving positive for buyers this quarter—we have witnessed office property incomes increase significantly from the time assets go under contract to closing."
"This is the second Austin office acquisition for OakPoint and local operating partner Haverwood Management this year, after entering the Austin market in mid-2013 with the purchased of the Briarcroft and 9101 Burnet Road office portfolio. This investment team has a true talent for renovating and repositioning assets," said Cathy Nabours, first vice president, CBRE. "As one of the most active buyers in Central Texas today, you can expect to hear more acquisition and sale announcements from OakPoint and Haverwood Management in 2016."
Nabours, Reichle, Walter Saad, Todd Mills and Hunter Mills with CBRE's Austin office represented the seller. Casey Knust and BK Newsom, with CBRE Capital Markets' Debt & Structured Finance, arranged acquisition financing on behalf of the buyer.
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