CapRidge Partners Buys Lakewood On The Park
CapRidge Partners acquired Lakewood on the Park, a 180k SF suburban 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.
The property features two, three-story Class-A office buildings on a 10-acre site at 7600 Capital of Texas Hwy overlooking Bull Creek. The campus is one of the few in the area with both structured and surface parking.
Built in 1998 by local developer HPI, the complex received the 2012-2013 TOBY Award from BOMA for best low-rise suburban office park in Austin.
Lakewood on the Park was 77% leased at closing. Tenants include Centaur Technology, Bulldog Solutions and USA Southwest.
CapRidge’s renovation plans call for the redesign of all common areas, including lobbies, corridors and restrooms; a new fitness center, tenant lounge, coffee bar and shared conference center; and upgrades to the MEP systems. Exterior improvements will include new landscaping, signage and lighting.
HFF’s Andy Scott and Jim Curtin arranged the financing. The seller was repped by HFF in Dallas.