P: 805-969-5115
F: 805-969-5119
Walnut Creek Business Center; Austin, TX | Detail 2
The Walnut Creek Business Center is a light industrial flex development, featuring three buildings totaling 100,000 square feet.
The project began with existing industrial facilities, but the buildings were in poor condition and in need of renovation and redesign to make them competitive in the marketplace. In addition, the property included a long-term under market lease for 30% of the asset, in addition to near-term lease turnover of another 50% of the project.
Scher Investment Group partnered with Chase Bank in the acquisition of this asset. We leased out the property in six months, refinanced the asset, and bought out Chase Bank’s interest in the partnership. We returned the equity to the investors and continued to distribute cash flow, giving the investors a return in well excess of a 20% return on their original equity.
SIG currently owns and asset manages this property with Hill Partners as property manager and leasing agent.