AUSTIN, Texas – February 24, 2016 – CBRE Capital Markets’ Investment Properties announces the sale of two stabilized Class B office buildings in Austin, Texas, totaling 124,310 square feet. New York-based Valor Capital Partners purchased the Briarcroft Building and 9101 Burnet from Nashville-based OakPoint Real Estate for an undisclosed price.
The Briarcroft Building is a 63,825-square-foot, multi-tenant office building at 12710 Research Boulevard. The asset is 100 percent occupied by a diverse blend of tenants, including Hellas Construction and Mx Toolbox. Recent capital improvements to the property include lobby upgrades, restroom renovations, elevator modernization, landscaping and HVAC efficiency upgrades.
The other asset, at 9101 Burnet Road, comprises 60,485 square feet and is 100 percent occupied. Notable tenants include Schneider Electric and Arrow Electronics. Recent capital improvements include lobby improvements with ceiling replacement, new LED lighting throughout, new carpeting, recessed sprinkler heads and a new energy management system.
“The purchase of the Briarcroft and 9101 Burnet office buildings represents the second Austin investment transaction by Valor Capital Partners in six months. The group now owns four multi-tenant office buildings in Austin. Roy Bajtel and his partners are bullish about the Austin office market and are aggressively seeking additional buying opportunities,” said Walter Saad, First Vice President, CBRE.
“Nashville, Tennessee-based OakPoint Properties and local operating partner Haverwood Management are committed to investing in Austin and have been extremely active over the last six months, including three acquisitions in December: Enterprise Plaza, Park Place office buildings and Donley Plaza. The firm purchased 9101 Burnet and the Briarcroft Building through our team in June 2013 and repositioned the properties with major upgrades to the common areas, lobbies and tenant suites. The new owner will profit from these improvements as future tenant leases are signed,” said Cathy Nabours, First Vice President, CBRE.
Walter Saad, Cathy Nabours, and Logan Reichle with CBRE’s Austin office, represented the seller.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
