DALLAS, Dec. 9, 2016 – Westmount Realty Capital, LLC (Westmount), a Dallas-based real estate investment company, is pleased to announce the sale of its 546,984 square foot portfolio of 13 office buildings within the Braker Center area of Austin, Texas. The buildings, acquired by Westmount in April 2014, are located on Kramer Lane and Metric Avenue between I-35 and MoPac Expressway, close to The Domain, Austin’s highly successful and popular mixed use project in the preferred North Central submarket.
The Braker portfolio buildings were constructed in the mid-1980s, largely as dock-high, light industrial buildings with low office finish-out. Over the years, the properties have evolved to include more than 90 percent of office finish-out, and effectively become a single-story, value-office campus.
“Westmount acquired this institutionally managed and maintained asset at an occupancy of 88 percent with stable cash flow,” Clifford A. Booth, president and CEO of Westmount said. “Through an extensive $1.5 million exterior facelift, Westmount repositioned, and re-branded the project as ‘The Offices at Braker Center’ to enhance its appeal as a well-located office alternative to traditional multi-story office buildings.”
These measures, combined with strategic leasing and marketing efforts, brought the asset’s occupancy level to more than 93 percent. Rents also increased by more than 50 percent over the investment period.
“The greater Austin area is routinely recognized as a select location for corporate headquarters and supporting facilities,” Steve Kanoff, CIO and partner at Westmount noted. “The area has a strong regional infrastructure that is supported by a multi-tiered workforce, which makes it one of the strongest business environments in the United States.”
Current tenants at The Offices of Braker Center include Allergan, Inc, Cenpatico, Integra Life Sciences and Renewal by Anderson.
Eastdil Secured represented Westmount in the transaction.
About Westmount Realty Capital
Westmount Realty Capital, LLC (“WRC”) is a time-tested, privately held, Dallas-based commercial real estate company that has achieved exceptional performance, with a core team in place, for more than 30 years. Westmount is seen as an innovator and leading edge company in the industry and is a trusted partner of numerous U.S. and foreign institutional and private capital sources. The company is active nationally, specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles. For additional information, contact www.westmountrc.com.
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