CapRidge Partners Announces Recent Acquisitions and Sales of Major Commercial Properties in Austin, Houston and Dallas
Jan 17, 2014
CapRidge Partners, LLC, led by founders Steve LeBlanc and Tom Stacy, announced today the recent acquisition of two properties and the sale of another. Gramercy Center in Dallas was purchased on Dec. 30, 2013, and 12012 Wickchester in Houston was purchased on Jan. 14, 2014. In addition, the company sold 823 Congress Ave. in Austin, which it had owned for 20 years, on Jan. 7, 2014. The flurry of activity demonstrates the company's ambitious plans for growth and expansion
CapRidge Partners was formed by LeBlanc and Stacy in late 2012 to create the best value office investor, focusing initially on projects in Austin, Dallas, Houston and San Antonio. LeBlanc, former senior managing director of private markets for the Texas Teacher Retirement System, and Stacy of T. Stacy & Associates, who has been involved with some of Austin's most iconic buildings, combined forces to concentrate on value-add office investments, including rehabbing buildings and finding the value in existing space
Initially, the company had two properties in downtown Austin: the Bank of America building at 515 Congress Ave. and 823 Congress Ave. Slightly over one year later, the company now owns six properties in Austin, Houston and Dallas. During this period, it has sold four properties, all in Austin
"Our strategy for the future is to focus on high-growth investment markets—cities that have a high quality of life, a young and educated workforce, lower costs of doing business and anticipated growth in population and jobs," Stacy said. "We are especially interested in markets that have a concentration of industries in the technology, energy, healthcare and financial services sectors."
"In general terms, we are looking for markets similar to Austin, Dallas and Houston—cities such as Atlanta, Charlotte, Denver, Orlando, Raleigh-Durham and Nashville," LeBlanc said. "We love Texas and are excited about the opportunity to expand to other markets that share the growth and quality of life attributes of our Texas markets."
CapRidge Partners currently has more than 730,000 square feet of commercial space under management in Austin, Dallas and Houston