AUSTIN, TX – OCTOBER 31, 2019 – Drawbridge Realty, a national real estate investment company based in San Francisco, has sold 3100 Alvin Devane Boulevard in Austin, TX for $18.5M.
“Drawbridge has demonstrated its broad capabilities from acquisition, financing, development, lease-up, and disposition with this unique Austin site,” says Chris Elmendorf, Vice President, Investments at Drawbridge. “We are pleased with the final execution and investment return on this asset.”
The two-building corporate campus, formerly known as Sierra Technology Center, was originally acquired in 2012 out of foreclosure in a joint venture with Austin-based HPI. Drawbridge and HPI placed a condominium map on the original single parcel and subsequently sold one building to a government-related owner/user in 2014.
Upon completion of the sale of the first building, Drawbridge purchased HPI’s remaining interest in the joint venture to solely own the property. Drawbridge then converted the remaining flex warehouse building into a modern creative office/R&D. Drawbridge’s redevelopment plan included over $3.5M in base building capital improvements for a new lobby, common areas, roof, mechanical and HVAC systems, additional site parking to accommodate office users, and new exterior glass and skylights to provide natural light to the building. An additional $4.5M was invested into the interior for tenant finishes.
Kevin Granger and Matt Frizzell of Cushman & Wakefield represented Drawbridge on the lease up of the asset and the building is now 100-percent leased to three tenants: Cosential, Jones & Carter, and Aggreko. LEVY Architects and Structura, Inc. served as architect and general contractor for the project, respectively.
Todd Mills, Carrie Caesar, and Hunter Mills of Cushman & Wakefield represented Drawbridge on the sale.
ABOUT DRAWBRIDGE REALTY:
Drawbridge is a San Francisco-based real estate investment company that targets commercial property investments in growth markets across the U.S. Its portfolio primarily consists of office properties leased long-term to large corporations, with an emphasis on strategically important locations. Drawbridge has a long history of successfully creating value for corporate clients and investors, and has completed transactions with companies including Bayer, Broadcom, IBM, Google, Johnson & Johnson, L3Harris Technologies, Lockheed Martin, Medtronic, National Instruments, and Northrop Grumman. Drawbridge’s current portfolio comprises 49 properties totaling over 5 million square feet.