AUSTIN-RLA Real Estate sold the Austin Industrial Park and Wall Street Business Park to Industry Capital Advisors.
AUSTIN-RLA Real Estate sold the Austin Industrial Park and Wall Street Business Park to Industry Capital Advisors. The Irvine, CA-based buyer disposed of the 163,750-square-foot portfolio to the San Francisco buyer at roughly 60% of replacement cost, according to CBRE senior vice president, Mark Emerick. Emerick and CBRE colleague, vice president John Barksdale, represented the seller in the transaction.
The portfolio encompasses two of Austin’s largest industrial submarkets – the southeast and northeast. The 93,750-square-foot Austin Industrial Park is at 5214 Burleson Rd. in the southeast submarket, and is 84% leased. The 70,000-square-foot Wall Street Business Park at 8900-8906 Wall St., is 81% occupied, and is the master-planned Walnut Creek Business Park, in the northeast submarket.
Emerick tells GlobeSt.com that the portfolio attracted responses within a week of hitting the market. “We had several offers that were in close proximity to our asking price,” he notes. “It moved quickly.”
Emerick goes on to say that Industry Capital ended up with the portfolio for many reasons, specifically, a solid institutional capital structure, terms and the ability to perform. Some minor upgrades to both properties are anticipated.
According to the Travis Central Appraisal District, RLA Real Estate acquired the portfolio in late 2008.