Thank you for sharing!

Your article was successfully shared with the contacts you provided.

AUSTIN-Intercontinental Real Estate Corp. has bought the Canyon at Wild Basin, a 75,000-sf office building in southwest Austin. Intercontinental, based in Boston, purchased the fully leased building from Denver-based Miller Global in a cash-transaction through the Intercontinental Real Estate Fund III LLC. Everyone’s hushed about the selling price.

The Canyon, located at 115 Wild Basin Rd., is just north of the Bee Cave Road-Loop 360 intersection. Designed by Phillip Ewald Architects of Houston, the building was completed in 1999. The name tenant on the building is CyberTrader Inc., an Austin-based division of Charles Schwab Corp.

Intercontinental plans to raise the building’s lease rates, which it says are below market, to match the market rates in three or four years. In a prepared statement, the company says the building is typical of those it will seek to buy with its third fund–class-A space in markets with strong barriers to entry and where properties are undervalued.

Andy Levy and Jeff Stone, both of New York-based Eastdil Realty, represented Miller Global and John Matteson, Intercontinental’s director of acquisitions, acted for his company. Yancey-Hausman, based in Houston, manages and leases the property.

Intercontinental has acquired, developed, built and managed more than $2 billion of real estate. Intercontinental’s Fund III is seeking current returns of 8% to 9% and a 15% internal rate of return.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.