AUSTIN, TX-Adding another asset to its Texas portfolio, Dallas-based Vintage Interests LP acquired its first Austin industrial building from GTI Holdings LLC of Phoenix. The 57,000-sf, 100% leased warehouse in the city's southeast sector is Vintage's first purchase in the capital city.
According to Vintage managing partner Rusty Perry, the warehouse, listed at $3.5 million, appealed to him and his partners because it was in good shape and had a strong income stream. The 1979-constructed building contains two tenants with five-year leases; Goodman Manufacturing Co. and GTI Coatings. The latter was a subsidiary of the company that had owned the real estate at 3733 Drossett Dr. and structured the deal as a sale-leaseback.
"Austin has been a target market for us for awhile," Perry tells GlobeSt.com. "We're working on several more closings in the area." Meanwhile, Vintage's overall goal is to assemble a Texas portfolio worth $100 million during the next year and a half. The acquisition of the warehouse boosts Vintages' total investment so far to $40 million.
Perry says the company is ready to close on another locally based property as early as this week. Meanwhile, the company is also underwriting and/or has offers out on a little more than half a million sf throughout Texas. Overall, "I'd say we're a little ahead of our track and goals. Not too bad for an organization that started up in March. We've had a pretty good year," Perry says.
The transaction was brokered by Travis Dunaway and Corby McWilliams with Endeavor Real Estate Group in Austin. Luke Wheeler with Transwestern's Austin office was the co-broker.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.