After 18 months, 15 leases, a series of capital improvements and significant increases in occupancy, Dallas-based Westmount Realty Capital has turned three buildings at Braker Center over to St. Croix Capital Corp. of San Diego.
Westmount bought the 216,522-square-foot flex complex in September 2006 and took occupancy from just 28 percent to 93 percent before selling it to St. Croix Capital. Westmount Principal Steve Kanoff says the properties also achieved rents “well in excess of pro forma” during the ownership period.
Kanoff says the company saw the unrealized potential of Braker Center when it purchased the portfolio.
“The location at the corner of Metric Boulevard and Braker Lane … is in the heart of Austin’s northward growth pattern,” he says. “From a real estate perspective, it’s exciting to see so many positive aspects in one location.”
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