September 05, 2018
AUSTIN, TX – Transwestern Investment Group (TIG®) today announces it has sold Park 96 on behalf of TSP Value and Income Fund I, continuing the successful value creation and subsequent monetization of TIG’s initial TSP Value and Income Fund. The 99,000-square-foot industrial project is located at 9601 Dessau Road in Austin.
Constructed in 1999, Park 96 consists of three, Class A, shallow-bay distribution buildings. Each 33,000-square-foot building offers 100-foot rear load with 20-foot clear height. In total, the property features 28 dock doors and five drive-in ramps (0.33 doors per 1,000 square feet). Located just northeast of the convergence of Interstate 35, U.S. Route 183 and U.S. Highway 290, Park 96 has immediate access to both I-35 via East Rundberg Lane and U.S. Route 183 via Cameron Road, both four-way interchanges with named exits.
Transwestern provided management and leasing services for Park 96, led by Senior Vice President Luke Wheeler. The Transwestern team was instrumental in securing over 25,000 square feet of new leases and renewals. At disposition, the property was 92.4 percent leased to a strong and diverse rent roll of seven tenants that have an average remaining lease term of 2.9 years.
Cushman & Wakefield represented the seller in the transaction.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group (TIG®) is an investment adviser serving a broad range of investors through a diversified array of discretionary and non-discretionary investment vehicles. Our client-focused, relationship-driven approach ensures our priorities are our clients' investment objectives. With $4.4 billion of assets under management, trust, integrity and transparency are the cornerstones of our business. TIG provides tactical investment management with an integrated operating platform through the Transwestern family of companies, which includes a diversified real estate services firm with 35 U.S. offices and a development company. For more information, visit transwesterninvest.com.
This document does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities, investment products or investment advisory services. Any offer or solicitation will be made only pursuant to a confidential private placement memorandum and subscription documents (the “Offering Materials”) and will be subject to the terms and conditions contained in such Offering Materials.