1031 Exchange Pushes Transfer of Southwest Submarket Building

AUSTIN-An investor has purchased a southwest submarket office building. In the 404 Camp Craft Rd. building, Sabina Barszap of New York, gets a one-year-old 9,214-sf building that’s 100% occupied by one tenant, who’s signed to a five-year lease.

The seller was ASC Management. The sale price is not available, but the asking price was $1.7 million. Barszap used 1031 Exchange money to make the purchase, according to Helen Jobes of Austin-based Gold Eagle Investments. She represented ASC.

The building was completed in June 2001. It is a design of Austin architectural firm Antenora Architects. The building is one of several small office structures tucked away along Camp Craft Road between Bee Cave Road and Westbank Drive.

The southwest submarket had a 23.7% vacancy rate at the end of the second quarter, according to the office market status report from Colliers International. That was one percentage point higher than the total market average of 22.7%. About 52% of the vacant space is sublease space.