CapRidge Partners Snags Austin Office Complex, Market briefs

Canyon at Wild Basin, Austin.

In Austin, CapRidge Partners purchased Caynon at Wild Basin from Boston-based Intercontinental Real Estate Corporation. Mesa West Capital provided CapRidge with the $12.6 million financing for the purchase and lease up of the 74,580-square-foot office complex. The three-story building is 81 percent leased.

Canyon at Wild Basin is located at 115 Wild Basin Road along Loop 360. As stated by CBRE, the class A market continues to be strong in Austin with class A properties seeing the majority of absorption in the second quarter.

A portion of the loan proceeds for Canyon at Wild Basin is intended for leasing costs. Additionally, Austin-based CapRidge plans to complete improvements in the common areas including the lobby, corridors and restrooms said Jason Bressler, vice president with Mesa West.

Andy Scott and Jim Curtin of HFF in Dallas arranged the financing.