Braker Center
Download Case Study- 2006
Acquisition Year
- 1.5
Years
Held - 217k
Total Square Footage
- 93%
Occupancy at Sale
OPPORTUNITY
Braker Center in Austin, Texas is composed of three light industrial/ flex buildings totaling 217,504. The buildings suffered from benign neglect and a lack of capital, causing occupancy rates to sit at 23%, roughly 60% lower than the market average. The three buildings were part of a larger business park known as Braker Center, located north of Austin’s central business district. The buildings were severely underutilized despite having a prime location near the Domain.
SOLUTION
Following the acquisition of the assets in 2006, we made extensive exterior improvements including facade painting, decorative canopies, new signage and built spec suites to attract to new tenants. Our property management team placed a high priority on proactively responding to lease proposals, greatly improving occupancy rates. The properties sold in 18 months with 93% occupancy in March 2008.
TAKEAWAY
Westmount’s strategic acquisition, capital improvement plan, and property management approach proved to be highly successful in delivering strong returns to our investors.
View All