Thomas Properties Group Sells Northwest Austin Office Buildings

Thomas Properties Group announced today that it sold 3 Northwest Austin commercial office buildings:

  • 8911 N Capital of Texas Hwy – Westech 360
  • 8601 Ranch Road 2222 – Park Centre
  • 9600 Great Hills Trail – Great Hills Plaza

Combined the total square footage sold was 517,974 sf for $76 Million.  All of them are Class A/B commercial properties that are currently quoting $17 + NNN ($10-$12 sf).

The selling of these office buildings was part of TPGI’s long term plan of concentrating on their premier class A properties in Downtown Austin and cashing out on properties that have achieved their maximum portfolio value so they can reinvest into office buldings that generate cash flow.

http://www.heraldonline.com/2013/04/01/4737011/thomas-properties-group-announces.html

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