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Newport Beach, California, investor Mark IV Capital started construction on a Round Rock office building and has ambitions to acquire or develop more office properties in the area.
Mark IV Capital will deliver a two-story, 95K SF office on Hester Crossing Road in Round Rock as a sister property to Summit I at La Frontera. Summit II will complete the La Frontera campus when it delivers in 2018. A 10K SF courtyard equipped with WiFi, shaded areas and seating will connect the two offices.
“We bought the first building [at La Frontera] in 2013 and while we were under contract, we realized the site next door was available for sale. We were able to develop it sooner than we budgeted,” Regional Vice President Justin Basie said.
Summit II is Mark IV's third property in North Austin. The company's goal is to become the premier landlord in North Austin, Basie said. The company owns a mix of office, retail, medical office and industrial properties in the southwest. Office will be its growth asset class in Austin, Basie said.
Mark IV has fully leased the 87K SF Summit I since acquiring it in 2013. Basie said the new development will be flexible for all sizes of users. Summit II will pursue LEED certification and implement an efficient HVAC system.
“We’re a long-term holder so we see the value in installing a unique hydronic system that will drive down electrical costs,” Basie said.
Unlike Travis County, Williamson County has a deregulated electrical market, allowing landlords to pass on energy savings to tenants. Rents at Summit II are around mid-$20s/SF.
Don Quick & Associates Vice President Robert Shore is leasing the project. Whiting-Turner is constructing the project designed by Merriman Anderson/Architects. KBGE is providing civil engineering for the office.
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