Austin, TX – April 20, 2007 – CB Richard Ellis, Inc. announces the completion of a multi-building industrial park sale in the north Austin submarket. The sale was complete on March 30, 2007.
The Braker Industrial Portfolio consists of 14 buildings (Braker A,B,D,E,F,G,I,J,K, M1 – M4 and Braker One) totaling approximately 696,798 square feet and is situated on approximately 47 acres. Building sizes range from 22,000 square feet to 150,092 square feet.
The concrete tilt wall buildings were constructed between 1981 and 1989 and boast clear heights ranging from 14 to 26 feet. Thirteen of the buildings in the portfolio are office/service center/flex facilities. Braker K is the only building in the portfolio that offers approximately 150,092 square feet of office/warehouse/ distribution space.
The buildings are situated on the east and west sides of Metric Boulevard just off Braker Lane and offer easy access to IH35, Mopac Expressway, Hwy 183 and Capital of Texas Highway 360.
CB Richard Ellis, Inc.’s senior vice president, John Robinson comments, “The acquisition of the Braker Industrial Portfolio represents an extremely attractive opportunity for Granite Properties, along with the expertise of their local partner, Endeavor Real Estate, to create additional value through tenant retention roll-over and the lease-up of the remaining vacancy given the very positive fundamentals in Austin’s rapidly improving industrial and flex real estate market”.
The portfolio is currently 76% occupied with approximately 50 tenants. The diversified tenant mix includes national, regional and local tenants including Dell Computers, The State of Texas, Oracle USA, Frost National Bank, Otis Elevator, and Advanced Solutions.
CB Richard Ellis’s Institutional Group represented the Chicago based seller, RREEF, in the transaction. The group consisted of executive vice presidents Micahel Caprile and Randy Baird, senior vice presidents John Robinson and Ted Staszak, and vice chairman Jack Fraker. The buyer, Plano based Granite Properties, was represented locally by Travis Dunaway of Endeavor Real Estate, in conjunction with Paul Bennett, Granite Properties in house representative.