Two major real estate investment deals — one an office building on Lake Austin and the second a retail center in Round Rock — have changed hands recently.
New York-based Clarion Partners continues to invest heavily in Austin with the purchase of Plaza on the Lake from Austin-based Endeavor Real Estate Group. Financial details were not disclosed, but the property, which was built in 1987, is valued at almost $28.8 million.
The 119,464-square-foot office building is 100 percent leased. Tenants, according to the Travis Central Appraisal District, include Amherst Securities Group, Experian, Omni Surgical LP and Bluepoint Games Inc.
HFF LP handled the transaction on behalf of Endeavor, which is actively building several office properties, including Champions Office Park at RR 2222 and Capital of Texas Highway, Rollingwood Center at South MoPac Expressway and Bee Cave Road, and the IBC Bank Plaza in downtown Austin.
Clarion Partners now owns about 3.8 million square feet in Austin. The firm recently purchased two other office buildings and the retail building occupied by Whole Foods Market in The Domain mixed-use project in North Austin.
In the other deal, a private real estate fund advised by Crow Holdings Capital Real Estate in Dallas recently purchased a retail power center in Round Rock from Madison Capital Management of Greenwood Village, Colorado.
The price was not disclosed but the Williamson Central Appraisal District values the land and improvements at about $23.7 million. It was built in phases between 1996-1998 and includes tenants such as Ross Dress for Less, PetSmart, Office Max and Party City.
The Austin Business Journal first reported that the property was on the market in Sept. 2013. Public records show that Madison Capital Management purchased it in 2010.
CBRE’s National Retail Investment Group was retained to handle the listing. Brokers included Chris Cozby and Chris Gerard in Dallas and Kevin Holland in Houston.