Local buyer beats national players.NEWTOWN SQUARE, PA.: GMH GMH General Motors Holden's Capital Partners announced that it represented ITW ITW In The Wild (informatics, antivirus research) ITW Information Theory Workshop (IEEE) ITW Into Thy Word (religion) ITW Into the Woods Mortgage Investments III in the sale of Braker Center 6, 7, and 11 located in Austin, Texas. The three single-story office/flex buildings, totaling 217,504 s/f sold for $11.14 million or $51.22 psf to Braker Center LP, a private Texas based national buyer. Bill Tourtellotte and Shawn Lubic of GMH Capital Partners arranged the sale for ITW Mortgage Investments III. Built in 1982-83, the three buildings are part of the well-known, 160-acre business park, Braker Center. The property was approximately 22 percent occupied at the time of sale. "Being in the highly sought after Austin market, this asset saw a tremendous amount of investor interest from both regional and national players," says Bill Tourtellotte of GMH's Investment Sales Division. "Austin is viewed very favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. by national participants and seems to be on everyone's radar screen. "Interestingly, this Texas-based buyer managed to beat out aggressive national players. This property has a rare degree of upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside due to its temporarily depressed occupancy from historical norms. The asset is well poised to benefit from the improving local market conditions and this entrepreneurial en·tre·pre·neur n. A person who organizes, operates, and assumes the risk for a business venture. [French, from Old French, from entreprendre, to undertake; see enterprise. buyer should do very well going forward." |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion