Omninet Capital Buys 190,570 SF Office Building in East Austin
Twin Towers LP has sold Twin Towers, the 190,570 square foot building located at 1106 Clayton Lane in Austin.
The CBRE Private Capital Group of Walter Saad and Cathy Nabours coordinated the sale to Ominet Captial, which is based in Los Angeles.
The building is located in the East Austin submarket, near three main thoroughfares: Interstate Highway 35, US 290 and Highway 183. It was constructed in 1974, and it recently underwent a multi-million dollar renovation.
The building was 88% occupied at the time of sale.
Twin Towers is Omninet Capital’s first acquisition in Austin and fifth acquisition in Texas. The company’s portfolio includes over six (6) million square feet of commercial office, retail and industrial throughout markets in Texas, California, Arizona, Nevada and Florida. Omninet is actively purchasing multi-family units in these markets as well, with the intention of purchasing an additional $200 million plus in 2013.
"We plan to purchase another $100 million in commercial office properties in San Antonio and Austin in 2013”, said Michael Daniel, a Managing Partner at Omninet Capital.