Dallas-based Westmount Realty Capital has sold Braker Center 6, 7 and 11 in north Austin to a partnership named Braker Metric Austin, LP. Westmount purchased the three-building flex complex in September 2006 and has undertaken and completed extensive renovations, both exterior and interior, to the three properties.
Under Westmount Realty Capital’s ownership, the complex rose in occupancy from 28 percent in 2006 to 93 percent at the time of sale, a period of 18 months. Additionally, the renovated properties “achieved rents well in excess of proforma,” according to Steve Kanoff, Westmount principal.
“When we acquired the properties, we clearly recognized the potential that Braker Center presented,” said Mr. Kanoff. “The location at the corner of Metric Boulevard and Braker Lane between the MoPac Expressway extension and Interstate 35, is in the heart of Austin’s dynamic northward growth pattern. From a real estate perspective, it’s exciting to see so many positive aspects in one location.”
In the 18 months under the Westmount ownership, leases for more than 140,000 square feet were completed in the three buildings. TIG Real Estate Services acted as the brokerage and property management firm on Westmount’s behalf. Westmount’s renovation program included, but was not limited to, new signage, painting, landscaping, facade enhancements and HVAC replacement.
“The buildings were brought to peak rentable condition,” according to David Alsmeyer, a TIG principal. Braker Center 6 encompasses 38,825 square feet of space while Braker 7 has 111,031 square feet and Braker Center 11 has 66,666 square feet of space.
Braker Metric Austin, LP, the new ownership group, is a partnership formed by a San Diego-based company.
Westmount Realty Capital, LLC is a dynamic, privately held Dallas-based company with activities in commercial real estate investment, development and management. Westmount is a value-add opportunistic investor driven by market forces coupled with intuition for future trends and opportunities and unlocking unrealized value through superior execution. The group has built a diverse portfolio including industrial properties, retail centers, office buildings, multifamily communities and several historic buildings in Downtown Dallas. Westmount is active in numerous cities throughout the United States.
The company owns some 2,236,930 square feet of office, industrial and retail property in the southern and southwest sectors of the country, 27.4 acres with inner-city freeway frontage zoned for commercial development, and 1,905 acres of land in Texas zoned for both commercial and residential development, the latter through its affiliate company, WY Atlantis. Westmount is committed to creating superior returns on investment through mitigation of risk and preserving capital through innovation, persistence, creativity and focus on core competencies.
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