AUSTIN, TX-The Braker portfolio of light industrial-flex buildings here has been acquired by San Francisco-based Rreef on behalf of one of its pension fund clients. Sold by New York-based Morgan Stanley, the half empty 495,963-sf portfolio comprises eight buildings, six of which are known as Braker Center and all of which have about a 50% office build out. All of the properties are in the area of Braker Lane and Metric Boulevard. Dell occupies one 150,092-sf building known as Braker K.The sale was brokered by Jack Fraker, a Dallas-based executive vice president with CB Richard Ellis whose team has disposed of more than $1-billion worth of properties (36 million sf) in 2004. Fraker declined to provide the sale price, but other local brokers with knowledge of the transaction tell the portfolio changed hands for just under $28 million.Fraker did tell that for Morgan Stanley’s real estate arm the sale was part of a “portfolio balancing.” For Rreef, he says the acquisition is seen an opportunity to demonstrate to a separate account pension fund client that it can recognize value-add opportunities versus just managing core assets. “Rreef relies heavily on econometrics models when making acquisitions around the country and they think Austin is a rapidly recovering market as a job center and other econometrics,” says Fraker. “The going in yield is in the low single digits but the potential is there to increase that substantially with asset management and lease-up techniques.”Rreef was represented by locally based Endeavor Real Estate Group LLC, which now has the property management and leasing assignment for the portfolio.

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.