AUSTIN – Westmount Realty Capital has purchased a 13 building portfolio within Braker Center. The purchase will add 546,984 square feet of property to the Dallas-based company’s collection. The purchase price was not disclosed
“We like this portfolio because it provides an attractive current yield in addition to the opportunity for imbedded rent growth and additional rent growth through rebranding and physical enhancements,” Cliff Booth, Westmount president and CEO, tells GlobeSt.com.
Originally constructed for light industrial use in the mid-1980s, the buildings slowly evolved to be a single-story office campus.
Westmount plans to invest $1.5 million into the portfolio, in order to truly reposition the space. The facelift will involve new signage, façade improvements and landscaping. After that it will be rebranded as the Offices at Braker Center.
“The rebranding of the property as an office product, we will have an onsite manager, and will be providing a number of additional traditional office services to the tenants that are currently not in place in these properties or in the market,” Booth says.
The property is 88% occupied and located close to the mixed-use project, The Domain.
“The proximity to The Domain is clearly an important attribute as we were told by a number of the tenants in these properties that they located (here) because of the restaurants and hotels at The Domain,” Booth says.
Dallas-based Granite Properties and locally-based Endeavor Real Estate Group sold the property. CBRE’s Jack Fraker, Josh McArtor, Jonathan Bryan and Heather McClain Venegoni represented the seller. Northmarq’s Dallas office assisted Westmount with procuring the debt.