AUSTIN—Accesso Partners LLC has entered the Austin market in a huge way.
The Hallandale Beach, FL-based company has acquired Riata Corporate Park, a class A 688,432-square-foot eight-building
complex on a 51-acre campus in the Northwest submarket, from San Francisco-based Spear Street Capital.
The complex includes a 94,000-square-foot standalone building recently vacated by Apple Inc.; Apple is constructinga $300-million campus adjacent to the property. The former Apple building, equipped with Wi-Fi, has a recently renovated lobby, and a restroom renovation is planned.
All space is “whiteboxed,” or ready to be leased, Accesso spokesman Chris Barnett told GlobeSt.com. It is currently the largest contiguous block of vacant space in the submarket.
Riata Corporate Park has three recently renovated fitness centers and is slated to receive a Whole Foods Café concept as an additional amenity for the complex.
Factoring in building 4, occupancy is around 80 percent throughout the project, says Barnett. Excluding it, occupancy for the other seven buildings is approximately 94 percent.
“Acquiring the Riata portfolio is not only a coup for our investors but it marks Accesso’s entry into Austin, one of the fastest growing cities in the U.S. and positions us squarely in its largest and most robust submarket,” said Ariel Bentata, co-founder and managing partner, investments of Accesso Partners, in a release.
The property has room for a value-adding expansion with a 5.64-acre parcel that is fully permitted and entitled for development of a new 64,550-square-foot office building.
Bentata noted that the buildings and the campus, built between 1998 and 2000, has “always been an attractive work environment” for corporate and technology companies, largely because of its park setting on 51 wooded acres. Riata has an above-average parking ratio of 5.0 spots per 1000 square feet and is near Highway 183, known as Austin’s technology corridor.
Riata becomes the second-largest asset in Accesso’s portfolio. The company, which also owns downtown and suburban class A office buildings in Dallas and Houston, is already looking for similar properties in Austin, Bentata said.
Major tenants at Riata include Accenture, Pervasive/Actian Corp., The Advisory Board Co., Texas Instruments, Xerox, Quality Systems and NetSuite.
HFF senior managing director Susan Hill in Houston arranged the financing. A leasing team led by Mike Brown and Will Stewart in the Austin office of Transwestern has been appointed by Michael Adams, director of asset management-Texas for Accesso.