January 7, 2020
Partners Group and Accesso Partners ended their close to five-year hold on Riata Corporate Park, a 688,100-square-foot office campus on Austin’s northwest side. The buyer and price were not disclosed by the sellers, however, Commercial Mortgage Alert reported that buyer KKR will pay $258 million for the property, at 12331 Riata Trace Pkwy. Cushman & Wakefield represented the sellers.
The joint venture bought the property in 2015, initiating a series of value-add improvements that led to an occupancy increase from 85% to 99% during the hold period. “Limited large block vacancies, the ability to develop an additional parcel, and the credit rent roll, led us to believe that this was a good time to market the property to a buyer who had a long-term vision for the asset,” said Partners Group’s Ron Lamontagne.
Ariel Bentata with Accesso added that the company will continue working with Partners Group to identify similar opportunities.
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