Fully Repositioned Corporate Campus Fetches Good Returns
Article - Globest.com
Amid a continuing tight labor market, the corporate campus at 3100 Alvin Devane Blvd. recently sold after a hold period of seven years which included extensive upgrades.
AUSTIN, TX—The two-building corporate campus at 3100 Alvin Devane Blvd., formerly known as Sierra Technology Center, was originally acquired in 2012 by San Francisco-based investment firm, Drawbridge Realty, out of foreclosure in a joint venture with Austin-based HPI. Drawbridge and HPI placed a condominium map on the original single parcel and subsequently sold one building to a government-related owner/user in 2014.
Upon completion of the sale of the first building, Drawbridge purchased HPI’s remaining interest in the joint venture to solely own the property. Drawbridge then converted the remaining flex warehouse building into a creative office/R&D.
