OakPoint Acquires Briarcroft and Continental Buildings in Austin
- Jun 14, 2013
Nashville-based OakPoint Investments purchased two of Austin’s office buildings in partnership with local Haverwood Management. Details about the transaction have not been disclosed.
“Given our cost basis and the dynamic locations of both buildings, we are excited about the long term potential of these assets. We have spent considerable time searching for value in the Austin market, believing that the comparability of Nashville to Austin will allow us to employ a similar strategy in both cities successfully,” said James Granberry, one of the four members of the company’s leadership team.
The latest acquisition represents number ten in the company’s portfolio since its launch two years ago. The two office buildings are the Briarcroft Building located at 12710 Research Blvd and the Continental Building at 9101 Burnet Rd. Briarcroft is a class B office development built in 1984, encompassing 65,318 square feet. The Continental is also class B of 58,700 square feet with 205 parking spaces.
“We’ve found success by focusing on investment opportunities that are too big for the average private investor, but are also under the radar screen of institutional capital. Although the purchase price on this asset would typically garner institutional attention, the fact that they were in different submarkets with different tenant profiles kept many of the typical players away,” explained Justin Albright, a principal at OakPoint.
The new owners are planning to invest in upgrades and renovations for both buildings. Haverwood Management will manage and lease both buildings.
OakPoint is a real estate advisory and investment company that handles lease negotiations, acquisitions, sales, and management projects on behalf of corporate and investor clients. The partners have completed over $2 billion in transactions on behalf of clients and over $425 million in principal transactions. The targeted investments are in the office, multifamily, residential, retail, and light-industrial sectors.
Photo credits: CBRE