AUSTIN--Transwestern has arranged the sale of Park Central, a 114,091-square-foot multi-tenant office building located in Austin's north submarket, to an investment partnership headed by Vista Equities Group of Houston. 

Park Central, located near the intersection of Interstate 35 and Parmer Lane, is three stories and was 74 percent leased to six tenants at the time of the sale. Hale Umstattd and Leah Gallagher of Transwestern represented the seller.

“Park Central was an exciting transaction to work due to the lack of value-add office offerings in the Austin market,” Gallagher told GlobeSt.com. “Transwestern procured 15 offers from different investors before Vista was ultimately selected as the buyer.”

Transwestern reps say it is “one of the few properties in town offering a block of space 15,000 square feet or larger with a parking ratio greater than 4.5/1,000.” 

Built in 2008 in a contemporary design, it has high-quality interior finishes, modern code-compliant mechanical features and a state-of-the-art energy management system.

“Park Central offers a good yield from quality tenants while providing significant upside potential with Austin's strong economic growth and limited vacancies,” Gallagher says. “The large block of space available at Park Central and the building's ability to accommodate higher density tenants were obviously important factors in Vista's acquisition of this asset.”

For Vista, the acquisition was a no-brainer.

“This acquisition fits well into Vista's investment philosophy and we are pleased to be able to add a quality property, such as Park Central, to Vista's expanding presence in the Austin market,” Woody Mann, Vista Equities Group's president, says.

Under Vista's direction, leasing responsibilities for Park Central will be handled by ECR and property management services will be provided by Vista Management Co.

Financing for the acquisition of Park Central was provided by GE Capital Corp. and was arranged through Tyler Ford of HFF's Houston office. The sales price was not disclosed.