A Florida firm has purchased Riata Corporate Park, an eight-building office campus in Northwest Austin close to Apple Inc.’s new campus.
Accesso Partners, based in Hallandale Beach, Fla., acquired the 688,432-square-foot complex on 51 acres from Spear Street Capital, based in San Francisco. The purchase price was not disclosed.
Ariel Bentata, co-founder and managing partner of investments for Accesso Partners, said the company “has wanted to be part of Austin’s growth curve for some time and the Riata Corporate Park acquisition paved the way.”
Florida firm buys Austin’s eight-building Riata Corporate Park complex photo
Riata Corporate Park includes 688,432 square feet complex on 51 acres.
“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,” Bentata said in a written statement.
Rita Corporate Park’s major tenants include Accenture, Pervasive/Actian Corp., The Advisory Board Co., Texas Instruments, Xerox, Quality Systems and NetSuite.
Riata Corporate Park includes a 94,000-square-foot standalone building recently vacated by Apple. Apple’s new Americas Operations Center, valued at more than $348 million and located at West Parmer Lane and Delcour Drive, is adjacent to Riata Corporate Park.
In March, Apple purchased the neighboring Riata Crossing complex, which has four office buildings with 350,000 square feet of space that Apple had been leasing.
At Riata Corporate Park, the former Apple building has a renovated lobby and three renovated fitness centers, and is slated to receive a Whole Foods Café concept. All space is available to be leased.
“With Apple as our next door neighbor and Oracle, IBM, Qualcomm, University of Texas, Dell, Hewlett-Packard, Cisco and eBay among others nearby, we regard Riata as having the premier location in Austin for technology companies,” said Brian Rosen, managing director of acquisitions for Accesso. “The amenities are ideal for smart, high energy companies with strongly motivated employees who work in Austin’s explosive technology sector.”
Riata Corporate Park has room for expansion, with a 5.64 acre parcel that is approved for development of a new 64,550-square-foot office building.
The campus was built between 1998 and 2000.
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 in Texas for Accesso.