Westmount Sells Three Braker Center Buildings; Increased Occupancy To 93%
Tuesday, March 25, 2008
AUSTIN—Dallas-based Westmount Realty Capital has sold Braker Center 6,
7 and 11 in north Austin to a partnership named Braker Metric Austin,
LP. Westmount purchased the three-building flex complex in September
2006 and has undertaken and completed extensive renovations, both
exterior and interior, to the three properties.
Under Westmount Realty Capital’s ownership, the complex rose in
occupancy from 28 percent in 2006 to 93 percent at the time of sale, a
period of 18 months. Additionally, the renovated properties “achieved
rents well in excess of proforma,” according to Steve Kanoff, Westmount
principal.
“When we acquired the properties, we clearly recognized the potential
that Braker Center presented,” said Mr. Kanoff. “The location at the
corner of Metric Boulevard and Braker Lane between the MoPac Expressway
extension and Interstate 35, is in the heart of Austin’s dynamic
northward growth pattern. From a real estate perspective, it’s exciting
to see so many positive aspects in one location.”
In the 18 months under the Westmount ownership, leases for more than
140,000 square feet were completed in the three buildings. TIG Real
Estate Services acted as the brokerage and property management firm on
Westmount’s behalf. Westmount’s renovation program included, but was
not limited to, new signage, painting, landscaping, facade enhancements
and HVAC replacement.
“The buildings were brought to peak rentable condition,” according to
David Alsmeyer, a TIG principal. Braker Center 6 encompasses 38,825
square feet of space while Braker 7 has 111,031 square feet and Braker
Center 11 has 66,666 square feet of space.
Braker Metric Austin, LP, the new ownership group, is a partnership formed by a San Diego-based company.
Westmount Realty Capital, LLC is a dynamic, privately held Dallas-based
company with activities in commercial real estate investment,
development and management. Westmount is a value-add opportunistic
investor driven by market forces coupled with intuition for future
trends and opportunities and unlocking unrealized value through
superior execution. The group has built a diverse portfolio including
industrial properties, retail centers, office buildings, multifamily
communities and several historic buildings in Downtown Dallas.
Westmount is active in numerous cities throughout the United States.
The company owns some 2,236,930 square feet of office, industrial and
retail property in the southern and southwest sectors of the country,
27.4 acres with inner-city freeway frontage zoned for commercial
development, and 1,905 acres of land in Texas zoned for both commercial
and residential development, the latter through its affiliate company,
WY Atlantis. Westmount is committed to creating superior returns on
investment through mitigation of risk and preserving capital through
innovation, persistence, creativity and focus on core competencies.
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