Austin office portfolio sold to two investors, including CapRidge Partners

Sep 25, 2014
Austin Business Journal

A large Austin office portfolio totaling roughly 314,400 square feet has been sold to two different buyers. The seller was Intercontinental Real Estate Corp. of Boston, which has owned all of the assets since 2001


Austin-based CapRidge Partners purchased the Canyon at Wild Basin near Capital of Texas Highway and Bee Cave Road. An affiliate of Crow Family Holdings in Dallas purchased StoneCreek I at 11902 Burnet Road and StoneCreek II at 11921 N. MoPac Expressway


The Dallas office of HFF LP represented the seller in the transactions


CapRidge Partners is led by two Austin real estate veterans— Tom Stacy and Steve LeBlanc. This year the company has been largely focused on Dallas and Houston acquisitions but has gone local with the purchase of the Canyon at Wild Basin, a 74,580-square-foot building at 115 Wild Basin Road. The price was not disclosed, but the Travis Central Appraisal District values the building and the surrounding 10.7 acres at $12.6 million


The property is 80 percent leased to tenants, which include Open Symmetry, Alliance Association Management, Downs & Stanford, Dynamic Computing Services and Cloud 8 Sixteen


Mesa West Capital, based in Los Angeles, provided CapRidge Partners with $12.6 million first-mortgage financing


Jason Bressler, assistant vice president with Mesa West, said CapRidge will allocate some of the loan to upgrade common areas. Mesa West has originated about $85 million in non-recourse first mortgage debt on commercial real estate in Austin


The Crow affiliate purchased StoneCreek I and II, which collectively total 239,819 square feet. The purchase price was not disclosed but the Travis Central Appraisal District values StoneCreek I at $11.3 million and StoneCreek II at $34.8 million


The two buildings are located on 9.6 acres and are 98 percent occupied by tenants, which include CoreLogic, Time Warner, Century Link and Siemens


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