Techni Center Business Park, Austin, Texas

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

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.

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.