By Anca Gagiuc
HFF has closed the sale of and secured acquisition financing for an office asset located in Austin, Texas. The 251,143-square-foot property is located on 9.9 acres at 3900 North Capital of Texas Highway, along Loop 360, northwest of downtown Austin.
HFF marketed the property on behalf of the seller, a partnership between a global real estate investment manager and HPI Real Estate. It has also procured the buyer, Menlo Equities, and worked on behalf of the new owner to secure the four-year, floating-rate acquisition loan through Wells Fargo. According to Yardi Matrix data, the price tag for the transaction was nearly $90 million, while the loan amount totaled approximately $57 million.
The five-story office building was completed in 2008 and consists of typical floorplates of 50,000 square feet with floor-to-ceiling glass overlooking Hill Country and Lake Austin. Amenities include a fitness center, balconies, curbside food truck service and a connected parking garage with more than 1,000 parking spaces.
At the time of the sale, the property was 91 percent leased to tenants such as Samsung, VMWare and Maxim Integrated. 3900 San Clemente is situated within walking distance from San Clemente at Davenport and Davenport Village shopping centers, but also near The Domain, Barton Creek Mall and Arboretum.
Images courtesy of HPI Real Estate Services and Investments