AUSTIN, TEXAS — The Austin office of CB Richard Ellis (CBRE) has brokered two Austin office sales. In the first transaction, CBRE completed the sale of the Chase Bank Building, a 29,934-square-foot property located at 2711 W. Anderson Lane. The multi-tenant property was fully occupied at the time of closing. Walter Saad and Cathy Nabours of CBRE’s Private Client Group negotiated the transaction between the buyer, Newstreet Properties, and the seller, Brookfield Real Estate Opportunity Fund, which is operated by Brookfield Asset Management. Additionally, CBRE completed the sale of Arbor Square I and II, a 50,836-square-foot, multi-tenant property located at 12885 Research Blvd. The property was 98 percent occupied at the time of closing. The transaction also was negotiated by Saad and Nabours, along with Casey Ford of CBRE’s Austin Office Brokerage division. The buyer was California-based Asset Management Consultants. The seller, Arbor Square LP, has completed approximately $800,000 in renovations to the property since acquiring it in 2005. The acquisition prices in both transactions were undisclosed.
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