Thor Equities Group has closed on the acquisition of its first property in Austin, Texas. The firm paid $16 million for the 10-building asset that occupies more than 4 acres at 1005 E Saint Elmo Road in the South Congress neighborhood.
The 60,000-square-foot creative office campus was completed in 2017 and included 10,171 square feet of retail space located in a freestanding building. The office portion is fully occupied by a variety of tenants including Saatva, Skull Mechanix, Fuse Architecture and Ignite Fitnez. SoCo used to be a light-industrial area, yet the last several years have turned it into a vibrant submarket with breweries, coffee shops, restaurants, office space and housing units.
“We are pleased to acquire our first asset in the South Congress area of Austin, which is continuing to attract creative tenants looking to grow in a thriving live-work-play environment,” Joseph Sitt, chairman of Thor Equities Group, said in prepared remarks.
Austin is experiencing sustained growth, attracting technology companies including Facebook, Google and Apple. The Cupertino-headquartered firm recently announced plans for a new $1 billion office campus.
Images courtesy of Yardi Matrix