November 15, 2016
Boston-based TA Realty LLC sold its Tech Ridge Portfolio in Austin for $107 million. Buyer Stockbridge Capital Group LLC bought the 1.0-million-square-foot industrial portfolio; CBRE represented the seller.
The four-building portfolio is in the Tech Ridge submarket in northeast Austin, at 710, 810 and 820 W. Howard Lane. The portfolio is 100% leased to nine national and local tenants, with an average remaining lease term of five years. Tenants include Safelite AutoGlass, American Tire Distributors and U.S. Farathane.
The seller had acquired the assets from ProLogis in 2011, during which time Austin was struggling, according to Jim Raisides, a partner with TA Realty. “We were able to increase occupancy from 64% to 100%, while significantly increasing rent, and successfully execute a sale upon value-add completion to a core owner,” he added.
For comments, questions or concerns, please contact Amy Sorter