AUSTIN--Austin-based St. Croix Capital Realty Advisors LLC has brokered $60 million in transactions on behalf of a California-based investor. The undisclosed client liquidated all holdings in California and purchased the Texas assets with the funds. The transactions include:

• Two flex buildings totaling 50,000 square feet at Promontory Point, at 2621 Ridgepoint Drive in northeast Austin.

• University Business Center, an 114,910-square-foot, five-building flex project at 3019 Alvin Devane Blvd. in southeast Austin.

• Big Spring Campus, land at 4110 Big Spring Blvd. in Midland, Tex., where a 35,000-square-foot office building will be built.

“Austin is reaching a new level of acceptance of investors at all levels,” Ken Satterlee, president and CEO of St. Croix Capital Advisors, told GlobeSt.com. “It had tier-two and even tier-three status for the longest time in terms of how investors viewed the area, but that's all changed now…In the past few years, we have helped investors from across the country find good opportunities in a far more crowded and competitive landscape.  

“Our client determined Texas assets would perform better over the course of the next 20 years. This is a testament to the strength of the Austin market in particular and Texas as a whole.”

In addition to handling the purchases of all Texas assets, St. Croix Capital Realty Advisors' sister company, St. Croix Capital Management Group, picked up the property management assignments for all of the properties.

St. Croix Capital Management Group launched in November with approximately 800,000 square feet of office, industrial and retail flex space to manage, as well as oversight of an additional 160,000 square feet of new office and retail development, along with 65 acres of land. John J. (Jay) Macliver was named president.