AUSTIN--CBRE Capital Markets' Investment Properties team has announced the sale last month of a 9,522-square-foot office building at 3108 North Lamar Blvd. in Austin. A local investment firm purchased the asset from an Austin partnership for an undisclosed price.
“Demand for centrally located properties, especially on a main thoroughfare like Lamar Boulevard, creates exceptionally strong competition within both the investment and owner-occupant communities,” Logan Reichle, with CBRE, told GlobeSt.com. “This asset is a great investment for the near and long term.”
The central Austin property is 85 percent occupied. The main tenant, gift card e-commerce provider QuickGifts Inc., occupies 4,347 square feet. It is in close proximity to Seton Medical Center and The Heart Hospital of Austin.
In 2012, the building received several renovations, including new paint on the exterior and common areas, new common area flooring and new interior signage.
Walter Saad, Cathy Nabours and Reichle, with CBRE, represented the seller. Andrew Perkel, with Retail Solutions, represented the buyer.
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