Point and Enterprise Business
Center; Austin, TX
and Enterprise Business Center are light industrial flex
projects, consisting of two buildings totaling
75,719 square feet.
The project was an existing industrial development; during
negotiations, SIG discovered structural
issues in the Promontory
building. Our challenge was to devise a permanent solution
to some earth movement that was causing
the building panels
to shift, plan for further cosmetic upgrades, and lease up
While under contract
at a distressed price, we determined that the soils under the
promontory Point A building were contracting around the footings.
By repairing the perimeter landscape irrigation system and moving
it closer to the footings, we could stabilize the earth and stop
the building movement.
SIG successfully eliminated
all movement in the building and leased out the buildings up
to 100% occupancy. We then refinanced the projects, returning
all invested equity and continuing to distribute cash flow to
investors, providing a return well in excess of a 20% return
on their original equity.
SIG currently owns
the projects and asset manages; Hill Partners acts as property
manager and leasing agent.