Vista Kicks Off 2015 with Park Central Acquisition

Jan 14, 2015
CoStar

A joint venture led by Houston-based Vista Equities Group has purchased Park Central, a 114,091-square-foot, three-story office building located at 12345 N. Lamar Blvd. in Austin, TX


The multi-tenant building delivered in 2008 near the I-35 and Parmer Ln. intersection in North Austin. Currently 74% leased, the property is home to six tenants with Equitable Commercial 


Realty (ECR) tapped to lease out the available space and Vista Management Co. selected to handle property management services


Noted as one of the few value-add investment opportunities available in the Austin market, Park Central received considerable attention for its contiguous blocks of available space - 


exceeding 15,000 square feet - and for its parking ratio, which is greater than 4.5/1,000


"Park Central offers a good yield from quality tenants while providing significant upside potential with Austin’s strong economic growth and limited vacancies," said Leah Gallagher of 


Transwestern, who along with Hale Umstattd brokered the sale on behalf of property developer, Koontz McCombs Realty Services. "The large block of space available at Park Central and the 


building’s ability to accommodate higher density tenants were obviously important factors in Vista’s acquisition of this asset" 


Tyler Ford of HFF's Houston office arranged acquisition financing through GE Capital Corp


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