Commercial Firms Still Moving into Austin
Apparently it's not all bad news. Saavy real estate firms are taking advantage of a lean market and making moves into Austin expecting a good return on their investent. Take a look at this artilcel posted by the Commercial site CoStar by Owen Bilman.
August 20, 2008 E-mail this article
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Written by Owen Billman
Spear Street Buys 1M-SF Portfolio From Nysters, CarrAmerica
JV Sells Riata Office Complex in TX for Nearly $215 Million
On Tuesday, San Francisco-based Spear Street Capital closed on an Austin, TX, office complex nearing 1 million square feet for approximately $215 million, according to published reports. A joint venture between Nysters and CarrAmerica sold the portfolio. Nysters held a 65% interest in the portfolio and CarrAmerica had a 35% interest.
The 11-property complex, known as Riata Crossing and Riata Corporate Park, is in the Northwest submarket. The portfolio averages a 98% leased rate, according to reports. The tenant roster includes Apple Inc., ACS and Nvidia.
Holliday Fenoglio Fowler LP represented the seller.
Please refer to CoStar COMPS #1572819 for further information.