CapRidge Partners Buys 180,000 SF Office Park in Austin

AUSTIN, TEXAS — CapRidge Partners has acquired Lakewood on the Park, a 180,558-square-foot office campus in Austin’s northwest submarket, from Equity Commonwealth. Los Angeles-based Mesa West Capital provided financing for the acquisition and repositioning of the property. Located at 7600 Capital of Texas Highway (Loop 360), the property features two, three-story Class A office buildings on a 9.9-acre site overlooking Bull Creek. Lakewood on the Park includes both structured and surface parking. Built in 1998 by local developer HPI, the complex received the 2012-2013 TOBY Award from Building Owners and Managers Association for best low-rise suburban office park in Austin. Lakewood on the Park was 77 percent leased at closing. Tenants include Centaur Technology, Bulldog Solutions and USA Southwest. Mesa West’s $32.1 million non-recourse, floating-rate loan includes future funding for a capital improvement program and leasing costs associated with the repositioning and stabilization of the property. CapRidge’s renovation plans call for a redesign of all common areas including lobbies, corridors and restrooms, plus a new fitness center, tenant lounge, coffee bar and shared conference center. Exterior improvements will include new landscaping, signage and lighting. Andy Scott and Jim Curtin in the Dallas office of HFF arranged the financing. HFF also represented the seller in the transaction.