Techni Center Business Park, Austin, Texas

  

Property: 7-building industrial park
206,511 square feet
Acquired in November 2016

Location: The park is located on Techni Center Drive which straddles central and south Austin. It fronts state highway 183, and is a 7-minute drive to the downtown CBD and a 10-minute drive to the Airport.

Strategy: Value add infill business park. At closing, there was 15% vacancy and another 36% in near term rollovers. Extensive renovations were completed, new leasing and property management were put in place, and occupancy has been maintained at over 95%. The rent roll has been solidified, retaining several credit tenancies and moving rents to market with an average increase of 30% from rents in place at acquisition.