Park Business Center; Austin,
Park Business Center
is a light industrial flex development, consisting of two
buildings totaling 61,483 square feet.
Located within the
Walnut Creek Business Park, the property and its existing light
industrial flex buildings were owned by a foreign pension fund
and managed by an out-of-town property manager. With an excellent
location for flex space, the property was being underutilized.
The property needed cosmetic upgrading, in addition to repositioning
in the marketplace.
SIG renegotiated several
pre-existing leases and relocated tenants within the park. New
leases were signed within six months of purchase and the project
was refinanced within 12 months of acquisition. Scher Investment
Group returned all invested equity and continued to distribute
cash flow, providing investors a return well in excess of a 20%
return on their existing equity.
Scher Investment Group
currently owns the asset and Hill Partners acts as property manager
and leasing agent.