30,000-SF Shallow Bay Asset Changes Hands
Growth Capital Partners and BCA Industrial Partners announce that their programmatic investment platform has closed the sale of Building Two at 1615 Scottsdale, in Cedar Park, an Austin submarket. The 30,000-square-foot property is currently vacant. GCP arranged the sale on behalf of the platform.
Klepper Industrial, an Austin-based industrial real estate investment firm, purchased the building. 1615 Scottsdale Building Two is a Class A shallow-bay asset with a rear-load configuration. The building’s layout offers high-end finishes with a mix of private offices and open, collaborative spaces. It also has a large conference center that serves as the focal point for meetings.
The property is within the Scottsdale Crossing master-planned, mixed-use development, along the high-growth US 183-A corridor and SH-45. The 120-acre park features signalized access, a dedicated exit from US 183-A, protective covenants, and convenient access to more than 1 million square feet of nearby retail and restaurants.
“This disposition demonstrates our ongoing strategy of creating value and recycling capital into new growth opportunities,” said GCP Partner, Investments Michael Flynn. “The Austin market has performed well, and we’re pleased to complete this sale while positioning the portfolio for continued long-term success.”
Witt Westbrook of JLL Capital Markets represented the seller and marketed the building. Stan Nowak, SIOR, Partners Real Estate, represented Klepper Industrial.
