By Denise Moose
Stanton Road Capital (SRC) announced the acquisition of Centre II, a boutique class A, 55,000-square-foot office property in the Rollingwood submarket of Austin.
The property is located along the Mopac Expressway and Loop 360, providing convenient access to downtown. Rollingwood’s surrounding residential areas offer proximity to a strong employee base, attracting tenants across a multitude of different industries. Current tenants include tech company Abaco Systems, construction and development firm Legacy DCS and Prominent Title.
Prior ownership recently completed a full lobby renovation. Centre II sits on 3.24 acres, with a surface lot providing a parking ratio of 3.04/1,000. At closing, the property was 100 percent leased with a known vacate bringing the property to 94 percent leased.
“We have patiently tracked the Austin market over the last few years waiting for the right initial investment into the market,” said Tim Ronan, Jr., founder and managing partner at SRC. “We are excited to enter the Austin market with this acquisition at a compelling, reset basis. The favorable business climate, and unquestionable growth the market has experienced, we view as a long-term trend.”
CBRE will handle leasing for Centre II. Cushman & Wakefield will handle property management. The acquisition was sourced directly by SRC from the seller.