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Bankruptcy Court Approves Auction Bid Procedures for ~$75 Million Stalking Horse Contract for the Sale of a Portfolio of Office Buildings and Retail Strip Center in Desirable Austin, TX Market

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Press release content from Business Wire. The AP news staff was not involved in its creation.
December 22, 2022 GMT

AUSTIN, Texas--(BUSINESS WIRE)--Dec 22, 2022--

Keen-Summit Capital Partners LLC today announced that the United States Bankruptcy Court for the Western District of Texas, Austin Division, approved Bid Procedures and an Auction related to the ~$75 million stalking horse contract for the sale of thirteen single-story office buildings and one retail strip center in Austin, TX. Not only is Austin one of the country’s fastest growing major metro areas but also this portfolio is located in one of Austin’s hottest areas, close to Q2 stadium, The Domain shopping area, and the regional offices of Amazon, IBM and Charles Schwab, among others.

The bankruptcy court order approving the sale allows prospective buyers to bid on the entire portfolio, or on just the office portfolio or the retail property. The court approved Bid Deadline is February 7 th; the court approved auction date is February 14 th. “This cash-flowing portfolio includes 545,000 + sq. ft. of office space and 15,300 + sq. ft. of retail, giving any buyer a unique and substantial entry point into the Austin market,” says Harold Bordwin, Principal and Co-President of Keen-Summit Capital Partners LLC, the court approved exclusive marketing agent and broker. “With nearly 50 diverse office tenants, buyers are able to limit credit risk while taking advantage of substantial value-add opportunities,” Bordwin notes.

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“Austin has seen incredible growth in recent years, and it’s going to continue as CNBC recently named it the second Fastest Growing City in the U.S., and Best Place to Live in the U.S. for the 3rd year in a row by U.S. News & World Report,” adds Matthew Bordwin, Principal & Co-President of Keen-Summit. “We expect this to be quite an exciting auction, as there is so much to gain from this property.”

The portfolio is located on and about the intersections of West Braker Lane, Kramer Lane, and Metric Boulevard in North Central Austin.

The property owner, WC Braker Portfolio LLC, filed Chapter 11 on May 2, 2022. Thereafter, May 31, 2022, the Bankruptcy Court issued an Order approving the appointment of Dawn Ragan as Chapter 11 trustee of the debtor.

For more information on this property, visit:

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View source version on businesswire.com:https://www.businesswire.com/news/home/20221222005230/en/

CONTACT: Media:

Jen Galluzzo

Harrison Edwards PR

(m) (845) 663-3566

jgalluzzo@harrison-edwardspr.com

KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: OTHER CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY

SOURCE: Keen-Summit Capital Partners LLC

Copyright Business Wire 2022.

PUB: 12/22/2022 06:16 AM/DISC: 12/22/2022 06:16 AM

http://www.businesswire.com/news/home/20221222005230/en