November 7, 2019
Following a rehab and lease-up of a 70,388-square-foot creative office/R&D campus at 3100 Alvin Devane in south Austin, Drawbridge Realty sold the two-story building for $18.5 million. The buyer of record is listed as Alvin Realty LLC, traced to Sackman Enterprises Inc. of New York City.
The San Francisco seller, in partnership with HPI, acquired the two-building corporate campus, known as Sierra Technology Center, out of foreclosure in 2012. One building was sold to the Texas Computer Education Association in 2014; following that, Drawbridge Realty purchased HPI’s remaining interest in the partnership, converted the remaining building into creative office/R&D and invested a total of $8 million for interior and exterior renovations.
Kevin Granger and Matt Frizzell with Cushman & Wakefield leased up the building, which is now 100% occupied. Cushman & Wakefield’s Todd Mills, Carrie Caesar and Hunter Mills represented Drawbridge on the sale.
Connect Industrial is coming up on November 19th in Houston. You can get more details and register to attend on this link.
For comments, questions or concerns, please contact Amy Sorter