{"id":1004550355,"date":"2021-09-13T02:50:02","date_gmt":"2021-09-13T10:50:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004550355"},"modified":"2022-12-08T12:15:51","modified_gmt":"2022-12-08T20:15:51","slug":"kkr-to-close-300m-austin-office-park-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kkr-to-close-300m-austin-office-park-sale\/","title":{"rendered":"KKR to Close $300M+ Office Park Sale"},"content":{"rendered":"
\"Riata<\/a>

Riata Corporate Park 4 at 12331-B Riata Trace Parkway<\/p><\/div>\n

After nearly two years of ownership, KKR has agreed to sell its Riata Corporate Park in Austin, Texas, in a transaction valued at more than $300 million. The sale is expected to close in the coming months.<\/p>\n

The buyer is an affiliate of Starwood Capital Group, a person with knowledge of the matter told The Business Times<\/em>. Cushman & Wakefield\u2019s Institutional Capital Markets team advised KKR on the deal.<\/p>\n

\n

READ ALSO<\/strong>: Pennybacker Kicks Off Austin Office Project<\/a><\/p>\n

\n

The eight-building Riata Corporate Park offers 688,100 square feet of Class A office space, with floorplates ranging from 22,000 to 33,000 rentable square feet. The 56-acre site also includes a development site that can accommodate a new 64,000-square-foot office building.<\/p>\n

The campus features a tenant lounge, fitness centers, barbecue grills, outdoor courtyards that food trucks frequent, as well as basketball and tennis courts. Riata Corporate Park is adjacent to a 16-acre neighborhood park with tennis courts and trails, while also providing easy access to Route 183.<\/p>\n

The corporate park was originally built between 1998 and 2000, with high density use in mind. Since then, the property has been fully leased, attracting a mix of tenants from the technology, financial services and health-care industries, according to KKR.<\/p>\n

Comprehensive capital improvements<\/h2>\n
\"Riata<\/a>

Riata Corporate Park. Image courtesy of KKR<\/p><\/div>\n

KKR\u2019s history with Riata Corporate Park dates back to December 2019, when the company acquired the property in a transaction valued at $258 million<\/a> as part of its Real Estate Partners Americas Fund II alongside Endeavor Real Estate Group. At the time of KKR\u2019s acquisition, the company already had plans to invest $11 million of capital improvements into Riata Corporate Park.<\/p>\n

KKR and Endeavor have substantially upgraded the property\u2019s fitness center, cafe, landscaping and outdoor amenities. The renovations also included new roofing, new office park branding, 12 new building entryways and HVAC systems equipped with Merv-13 filters in every building. The two companies also completed significant deferred maintenance.<\/p>\n

Roger Morales, KKR partner and head of real estate acquisitions, said in prepared remarks that Riata Corporate Park is well positioned to continue benefiting from the migration of companies to Sun Belt cities.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company has owned the Austin property since late 2019.<\/p>\n","protected":false},"author":883,"featured_media":1004550372,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21808,21783,21742,21747],"tags":[32799,35184,32883,34880],"class_list":["post-1004550355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-featured","category-investment","category-latest","category-office","tag-cushman-wakefield","tag-endeavor-real-estate-group","tag-kkr","tag-starwood-capital-group"],"acf":[],"yoast_head":"\nKKR to Close $300M+ Office Park Sale - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kkr-to-close-300m-austin-office-park-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KKR to Close $300M+ Office Park Sale\" \/>\n<meta property=\"og:description\" content=\"The company has owned the Austin property since late 2019.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kkr-to-close-300m-austin-office-park-sale\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-13T10:50:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T20:15:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/12331-B-Riata-Trace-Parkway.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"820\" \/>\n\t<meta property=\"og:image:height\" content=\"604\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-to-close-300m-austin-office-park-sale\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kkr-to-close-300m-austin-office-park-sale\/\",\"name\":\"KKR to Close $300M+ Office Park Sale - 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