AUSTIN, TX and NEWPORT BEACH, CA--(Marketwired - Aug 1, 2016) - MIG Real Estate, a Newport Beach, California-based real estate investment company, has acquired three buildings in the Braker Center Business Park, including more than 218,000 square feet of flex/office and light industrial space in the north part of Austin's booming urban core.
"These buildings represent a tremendous opportunity to invest in a market that rivals most markets in the U.S.," said Greg Merage, CEO of MIG Real Estate. "Austin not only boasts the No. 1 fastest-growing large city economy in the U.S., it ranks as No. 2 in the nation for job and population growth, overall real estate prospects and the most stable housing market."
The acquisition includes buildings 6, 7 and 11 in the Braker Center, which at 91 percent occupancy represent an attractive initial yield. Existing leases are approximately 17 percent below market, with more than 61 percent of the total portfolio expiring over the next three years.
Braker 6, 7 and 11 feature 218,315 square-feet of flex/office and light industrial space on 13.49 acres, with 588 parking spaces in a beautifully landscaped business park central to shopping, dining, residential, major transportation hubs, light rail and the Domain. All three buildings are single-story and served by dock and semi-dock overhead doors with ramps and a 16-foot clear height. Current tenants, including The Carrier Corporation, Landis+Gyr Technologies, Inc., and DeWalt, also benefit from efficient floor plans with superior visibility to major thoroughfares.
The Braker Center buildings represent MIG Real Estate's third investment in Austin, following the 2015 purchase of the Midtown Commons at Crestview Station mixed-use office, retail and multifamily property at 810 W. St. John's Avenue; and the Barton Oaks Plaza 1 Class A office building at 901 South Mopac Expressway.
Austin is consistently ranked among the nation's most desirable places to live. Situated along the Colorado River on the eastern edge of Texas Hill Country, it features a healthy economy, lower cost of doing business, a high level of college graduates, low cost of living and cutting edge technology and innovation. The city is not only the capitol of Texas, it is the cultural and economic center of the state with a younger and more educated population than the national average. It is frequently ranked as one of the nation's most favorable business climates based on its low tax burden, competitive regulatory environment and low unemployment rate. In 2015 alone, more than 4,399 new jobs were created through new businesses moving into the city, including General Motors, Dell, Google, and Amazon.
MIG Real Estate represented itself in the transaction. Will Nichols, Sam Owen and Caitlyn Ryan of Stream Realty represented the seller.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets under management throughout the Western and Southern U.S. and Edmonton-Alberta. The company is currently engaged in an aggressive expansion strategy, seeking "core-plus," "value-add" and "opportunistic" investments in select-service hotels, grocery-anchored shopping centers, office, industrial and multifamily properties. MIG Real Estate has acquired more than 9.5 million square feet of property, totaling more than $1.8 billion of assets since April 2009. Additional information is available at https://www.migcap.com/RealEstate.