Houston Investors Buy Six-building South Austin Office Complex
HOUSTON BUSINESS JOURNAL
Realty Ltd., an investment partnership led by Houston-based Braun Enterprises, has acquired a six-building office campus in South Austin, C announced Friday.
Realty Ltd. acquired the 154,000-square foot space at 706 Ben White Blvd. and 4005 and 4009 Banister Lane. Wilmington, N.C-based Pharmaceutical Product Development Inc., a public company that does pharmaceutical drug development, leases less than half the space. The rest is unoccupied.
Financial terms were not disclosed.
The campus represents not only the partnership’s first acquisition in Austin, but a “tremendous opportunity” to reposition the complex with a new name and significant capital improvements, the investors said in a statement.
Planned renovations, scheduled to begin this fall, include interior remodeling of move-in ready “spec suites” that cater to small and mid-size tenants. Leasing efforts will focus primarily on tenants requiring less than 10,000 square feet of space and whose business owners live in or near South Austin.
“We have a great deal of experience and have been extremely successful with this type of project in the past,” said Dan Braun, owner of Braun Enterprises, who represented the partnership in the purchase. “We hope to quickly stabilize the asset and make it stand out as a premier office complex in the South Austin landscape.”
The seller, a national investment management company, was represented by Todd Mills, Scott Herbold and Greg Marberry of CBRE in the transaction.
The deal, which closed July 15, is Braun Enterprises’ fourth acquisition of 2010. The firm intends to acquire additional assets prior to the end of the year, with some in Austin.
“We definitely see this as the first of many acquisitions in the Austin market,” Braun said. “This acquisition fits in well with our portfolio and, given our propensity to buy and hold, we see Austin as a tremendous place for long-term investment.”
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