Origin Capital Partners has acquired a three-building, industrial portfolio located on the grounds of Bergstrom International Airport in Austin, Texas.
The three-building portfolio totals 176,060 square feet and was originally developed in 1996. At the time of closing, Origin and Lynxs were immediately able to bring up the occupancy from 82% to 96%. The properties are home to numerous national and Fortune 100 companies, including, FedEx, ESPN Productions, DHL and UPS. Simultaneous to the acquisition of the portfolio, Origin and Lynxs were able to secure a long-term renewal for the ground lease that now runs for more than 25 years.
“The Austin airport portfolio is a unique investment on multiple levels,” said Bryan Sullivan, Director of Acquisitions – Central and Southwest, Origin Capital Partners. “The portfolio includes three of only five buildings in the area that offer direct access to the tarmac and airport runways. Because of the lack of developable land and use restrictions, there are significant barriers to entry for these types of buildings.”
GE Capital was the seller. The acquisition was made on behalf of Origin Capital’s second value-add fund, Origin Capital Fund II, LLC and in partnership with the Lynxs Group. Lynxs is a management and investment firm specializing in aviation-related facilities. Lynxs had developed the properties prior to selling the assets to GE Capital.
