Transwestern is pleased to announce that it brokered the sale of a three building, 137,635 square foot distribution and flex portfolio in Austin, Texas. The portfolio consists of three regional distribution and flex warehouse buildings spread across Austin in three separate submarkets.  Summit Park A, a 53,100 square foot flex building in Northwest Austin near Wells Branch; Southeast Commercial, a 34,514 square foot flex building near Burleson and Highway 71 in Southeast Austin; and Cameron Creek Business Park, a 50,021 square foot flex building near Rundberg in Northeast Austin. The facilities range in age from 1984-1997 and the portfolio was 72% occupied at the time of sale. The acquisition of this portfolio is an example of Brennan Investment Group LLC’s focused investment strategy of acquiring value added properties in targeted sub-markets.  The portfolio sold for an undisclosed price.

Luke Wheeler and Hale Umstattd with Transwestern represented the seller, Unum, who took possession of the property through foreclosure in April 2009. Brennan Investment Group LLC was represented by Greg Marberry and John Barksdale with CB Richard Ellis.

“This is one of the only portfolio sales in recent memory,” said Luke Wheeler, Associate Vice President at Transwestern, “and we were very pleased with the exceptional level of interest in this portfolio.” Wheeler added, “Ultimately, Brennan Investment Group rose to the top due to their extensive research, investment strategy and confidence in both the overall Austin dynamics as well as the area’s industrial market performance.”

“The Austin industrial market is extremely attractive due to its strong job and population growth, combined with physical and regulatory constraints on new supply,” said Troy MacMane, Brennan Investment Group’s managing principal for Texas.

“Our plan for the Austin portfolio is to implement immediate capital improvements to enhance its attractiveness to prospective tenants and aggressively lease the vacant space.” Added MacMane. “We are seeing improvements in both short-term and long-term fundamentals in the Austin market that should lead to strong risk-adjusted returns.”

Brennan Investment Group has retained Transwestern to manage and lease the Austin portfolio.

About Brennan Investment Group LLC
Brennan Investment Group, LLC (http://www.BrennanInvestmentGroup.com) is focused on acquiring industrial assets from $3.0 million to $200.0 million in size in Austin, Houston, Dallas, and San Antonio, as well as other major markets in the U.S.

 

About Transwestern
Transwestern is a diversified operating company active in the real estate service, development and investment management businesses. Transwestern creates value for clients through innovation, penetrating market intelligence and legendary service delivered by teams of local market experts. The firm has product specialties including office, industrial, retail, multifamily and healthcare, as well as research affiliate, Delta Associates. Transwestern leads the industry in sustainability and has received multiple ENERGY STAR® awards from the Environmental Protection Agency (EPA).