AUSTIN-MIG Real Estate has expanded its portfolio by one more office building as it takes ownership of the 99,404-square-foot Barton Oaks Plaza I. The Newport Beach, CA investor bought the class A building from Windsor Realty Funds IV, an investment fund controlled, in part, by Boston-based GID Investment Advisors.
Though sales information for the building at 901 S. MoPac Expressway was kept under wraps, the Travis Central Appraisal District assesses the property at $17.1 million. The appraisal district also indicated that the seller had acquired the office building in June, 2008. J. Todd Mills and Casey Knust of CBRE represented the seller in the direct transaction with MIG.
“Austin’s diversified economy, strong job growth and improving real estate fundamentals were key factors in our decision to make this investment,” comments Greg Merage, CEO of MIG Real Estate in a press release. Barton Oaks Plaza is 96% leased in a submarket that, as of the first half of 2012, had an 89.4% occupancy rate and the second-highest citywide absorption rate of 213,000 square feet. Notable tenants of Barton Oaks Plaza include Everbank, Texas Gas and Strategic Partnerships.
MIG’s strategic acquisition plan focuses on well-located properties generally with a value-add component. The company has completed approximately $700 million in acquisitions since 2009 through direct purchases of office, retail, hotel and multi-family properties in major markets throughout the western United States and the Sunbelt.