Equus Capital Partners, Ltd., one of the nation’s leading private equity fund managers, announced today the sale of Pecan Park in Austin, Texas. The four-story 136,444 square-foot class-A office building was sold to an affiliate of Mark IV Capital Properties, Inc., a privately held real estate firm based in Newport Beach, California. Evan August and Michael McDonald of Eastdil Secured represented both parties in the transaction.
Built in 2009, Pecan Park is a LEED certified office building, offering efficient floorplates with surface parking at a ratio of 4.65 spaces per 1,000 square-feet, and on-site amenities including a state-of-the-art fitness center and a conference center. The property was acquired in 2014 on behalf of an affiliate of Equus, BPG Investment Partnership IX, a fully discretionary private equity fund managed by Equus. “As demonstrated by Pecan Park’s 100% occupancy at closing, the Austin real estate market continues to experience on-going tenant demand combined with strong rental rate growth and is one of the strongest and most sought after office markets in the country,” commented Christopher Locatell, Senior Vice President of Equus.
Located at 10800 Pecan Park Boulevard, the property is situated just southwest of the intersection of State Highway 183 (Research Boulevard) and FM 620 (SH-45 Tollway) – major north/south and east/west thoroughfares. “Pecan Park’s location in the Far Northwest submarket of the vibrant Austin office market coupled with attracting new tenants and tenant expansion, at market rents, resulted in increased net operating income of nearly 20% while achieving an average leased occupancy of 97.4% over our hold period,” commented Gregory Chapin, Asset Manager at Equus who, alongside Christopher Locatell, oversaw the transaction for the firm.
About Equus Capital Partners, Ltd.
Equus Capital Partners is one of the nation’s leading private equity real estate fund managers. Equus’ portfolio consists of more than 17 million square-feet of office, retail, and industrial properties and nearly 10,000 apartment units across 42 communities located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Chicago, Los Angeles, Washington D.C., Boston, Atlanta, and Raleigh-Durham. For additional information, please visit the company’s website at www.equuspartners.com.
