New York investor buys Austin office building, sells North Austin retail center

Dec 5, 2014
Austin Business Journal

New York-based ATCO Properties & Management recently bought and sold some very different properties in Austin — an office building near the Texas Capitol and a busy retail center near Burnet Road and Research Boulevard


ATCO acquired 1300 Guadalupe St., a 45,000-square-foot office building, which had been the corporate offices previously of Burt-Watts Industries. That real estate development and construction company relocated to North Austin where it retrofitted former IBM offices


The Guadalupe building is 100 percent occupied but represents the opportunity for growing rents, according to Damon Hemmerdinger, co-president of ATCO


No purchase price was disclosed, but the Travis Central Appraisal District most recently valued the property at $8,811,400


ATCO previously focused on retail. In 2009 the company purchased The Shops at 360 in downtown Austin at 360 Nueces St. — about 13,770 square feet of multi-tenant space — which it sold to a local investor in January 2014


In 2011 ATCO purchased Crossroads Center at 9070 Research Blvd


"It was about 35 percent vacant at the time and there was some significant tenant rollover," Hemmerdinger said


With assistance from The Retail Connection brokerage in Austin, ATCO nearly leased the center to 100 percent with tenants that include Chili's Grill & Bar, Pluckers Wing Bar, Subway and West Marine


MWM Fund VII Ltd. in Houston, headed by investor Jay Kaplan, purchased the 98,918-square-foot shopping center in November. No price was disclosed but the Travis Central Appraisal District most recently valued the center at $15,293,781



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