Karlin Real Estate, one of the most active real estate investors in Austin, recently closed another acquisition. The Los Angeles-based investor purchased Plaza 35, a 186,000-square-foot property at 12234 N. I-35. The office complex is made up of two buildings that were built in 2000 and were owned by Stream Realty, according to the Austin Business Journal.
At the time of the sale, the Class B property was 100 percent occupied by Yodle Inc., VirTex Assembly Services and Logisticare Solutions LLC, adds the Journal. The two-building office center is considered to be a very attractive investment due to its strategic position, near the major intersection of Interstate 35 and U.S. Highway 183, which places it in the heart of the high-growth region of North Austin.
In the past three years, Karlin has been an active buyer in Austin. In the spring of 2011, Karlin Real Estate acquired from Dell a vacant 301,644 square-foot Class A corporate headquarters and manufacturing facility in northeast Austin in the proximity of Plaza 35. The property is located in the Tech Ridge area, a commercial and retail district containing Dell’s North and South Parmer Campuses, as well as several large retail centers.
“We saw this as a great opportunity to acquire a well located, institutional quality asset in a city that leads the nation in job growth,” said Managing Director Matthew Schwab.
Plaza 35, courtesy of LoopNet
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