Bridgepoint Plaza I and II, a prominent two-building Class A office campus located at 5914 and 5918 W. Courtyard Drive in Austin, has been put up for sale. The property, owned by Spire Realty Group, represents a significant opportunity in the current Austin commercial real estate landscape.
Key Takeaways
- Two Class A office buildings totaling 177,973 square feet.
- Located on approximately 9 acres in Austin.
- Currently 87% leased with a weighted average lease term of 3.5 years.
- Previous transaction history indicates a sale for $36.5 million in 2013.
Property Details
The Bridgepoint Plaza campus comprises two distinct office buildings. The first building, a five-story structure, was constructed in 1985, while the second, a four-story building, was built in 1992. Together, these properties offer a substantial 177,973 square feet of leasable space situated on roughly 9 acres of land.
Occupancy and Investment Potential
The campus is currently operating at an 87% occupancy rate, indicating strong tenant demand. The weighted average lease term across the existing leases stands at 3.5 years. This presents a stable income stream for a potential buyer, coupled with opportunities for future growth and lease-up.
Transaction History
Records indicate that Spire Realty Group acquired the Bridgepoint Plaza campus in a previous transaction. The firm that originally sold the property to Spire in 2017 had purchased it for $36.5 million back in 2013. This historical data provides context for the current market valuation and investment potential of the asset.