Drawbridge Plans More Austin Deals
On the heels of buying the 77k SF Stonecreek Park late last year, San Francisco-based Drawbridge Realty Trust co-founder and vice chairman Mark Pearson tells us he’s ready to acquire about $100M to $150M in properties this year with Austin on the radar. He tells us he’s looking at about a half-dozen properties in the area with plans to close on one or two. (We tried to bribe him for more deets with some Franklin’s barbecue, but all we could get was cole slaw, so no deal.)
Mark tells us his sweet spot for projects are single-tenant R&D buildings occupied by large corporate tenants (or with the prospect of that). He likes high job-growth areas with a preference for properties focused on high-tech, bio-tech, and medical device companies. Sites he likes have a value-add component from fully vacant to those needing renovations to bring up to Class-A quality. With the Stonecreek Park (pictured) acquisition (for $17M from the Lionstone Group), Mark says there’s the probability that its occupant, Myriad Genetics, will grow into the full space.