HFF announces sale of Northwest Austin office building
AUSTIN, TX – December 18, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of 5508 Parkcrest, a 40,798-square-foot, multi-tenant office building in Austin, Texas.
The HFF team represented the seller, The Bancroft Family, in the transaction. An affiliate of Austin-based F&B Capital purchased the asset from the family trust for an undisclosed price.
“5508 Parkcrest is ideally situated in the Northwest Austin submarket, which boasts a 92 percent occupancy rate,” said Walter Saad, managing director at HFF. “With rental rates on the rise, we have seen more office tenants seeking to purchase and own their own office buildings along Mopac in the Central, Northwest and Southwest submarkets. This sale represents the fourth owner opportunity our team has sold in the past 10 months. Other transactions include nearby 7951 Shoal Creek Blvd, the Travis Building and Westbank Oaks.”
According to Costar, citywide Austin office occupancy was 91.5 percent at the end of Q3 2017 - the tightest among all major Texas metros. Specifically, office buildings in Northwest Austin are performing well, recording an occupancy rate of 92 percent and rental rate growth of 29 percent since 2010. In addition to a robust office market, Northwest Austin offers some of the premier housing in all of Austin, boasting an average housing price of $505,000 and an average household income of $148,000 within a one-mile radius of the property.
“Our team was fortunate to have extremely dedicated and trusting clients in the Bancroft’s on this transaction,” added Drew Fuller, director at HFF. “They followed our guidance through several challenging surprises along the way, ultimately resulting in a big win for their family.”
Holliday GP Corp. ("HFF") is a Texas licensed real estate broker.