|By Marketwired .||
|February 6, 2013 11:00 AM EST||
NEWPORT BEACH, CA and AUSTIN, TX -- (Marketwire) -- 02/06/13 -- MIG Real Estate, a Newport Beach, CA-based real estate investment company, has acquired Barton Oaks Plaza, a 99,404-square-foot Class A office building in Austin, Texas.
Located at 901 South Mopac Expressway, Barton Oaks Plaza is just minutes from downtown in Austin's dominant Southwest submarket. This submarket recorded the highest suburban occupancy rate (89.4%) and the second highest citywide absorption total (213,000 square feet) in the first half of 2012 according to CBRE. Barton Oaks Plaza is currently 96% leased. In 2012, Austin was also ranked as the second-best investment market in the United States, according to Realtor.com.
"Austin's diversified economy, strong job growth and improving real estate fundamentals were key factors in our decision to make this investment," said Greg Merage, CEO of MIG Real Estate.
Barton Oaks Plaza offers easy access to some of Austin's most affluent neighborhoods including West Lake Hills, Pemberton Heights, and Tarrytown and is in close proximity to the amenities of downtown Austin, Barton Creek Mall, and West Lake. For tenants with employees who are outdoor enthusiasts, Town Lake, Zilker Park, and the Barton Creek Greenbelt offer nearby hiking and biking trails. Notable tenants of Barton Oaks Plaza include Everbank, Texas Gas and Strategic Partnerships.
MIG Real Estate has continued to expand its portfolio into opportunistic markets since 2009. Its strategic plan focuses on well-located properties generally with a value-add component. The company has completed approximately $700 million in acquisitions since 2009 through direct purchases of office, retail, hotel and multi-family properties in major markets throughout the western United States and the Sunbelt.
J. Todd Mills and Casey Knust of CBRE represented the seller in the transaction. MIG Real Estate represented itself.