Tryperion Partners and Goodstone LLC has sold Network Tech, a three-building officer park based in San Antonio, Texas. No financial terms were disclosed. Todd Mills, Carrie Caesar and Hunter Mills of Cushman and Wakefield represented Tryperion and Goodstone in the transaction.
LOS ANGELES (PRWEB) SEPTEMBER 19, 2018
A joint venture between Tryperion Partners and Goodstone LLC has sold Network Tech Center, an 84,505-square-foot, three building office park located in the desirable University Business Park of San Antonio, Texas. The joint venture successfully executed its strategy to deliver a best-in-class product just as the Northwest office market tightened.
“We were very pleased with the execution of the business plan and the collaboration with Goodstone,” said Eliot Bencuya, a partner at Tryperion and CEO of stREITwise, a Tryperion sponsored core-plus REIT. “With our experience in multiple US office markets, we’ve identified an aesthetic and amenity base that creates a sense of place where tenants want to locate. Our recently launched $60 million value-add fund and core-plus stREITwise platform will benefit from this experience.”
“Positioning a struggling asset to outperform its peers requires an investment of capital, creativity and active ownership participation in the day-to-day decision-making process,” said Stephen Durr, CEO of Goodstone. “In three years and ahead of schedule, we repositioned Network Tech Center to appeal to today’s office users and increased occupancy from 79% to 97%. We’re delighted with this outcome and appreciate the operational and capital market expertise Tryperion brought to our partnership.”
Todd Mills, Carrie Caesar and Hunter Mills of Cushman and Wakefield represented Tryperion and Goodstone in the transaction.
About Tryperion Partners
Tryperion Partners, LLC is a Los Angeles-based real estate investment manager focused on value-add office, retail, hospitality, and multifamily investments in Midwestern and Western U.S. markets, currently on its third fully discretionary value-add real estate fund. Tryperion is also the sponsor of stREITwise, a core-plus office REIT focused on stabilized office properties in secondary markets. The founders have acquired and managed assets valued in excess of $5.4 billion across all major commercial property types. For more information, visit http://www.tryperion.com and http://www.stREITwise.com.
About Goodstone LLC
Goodstone LLC is a commercial real estate investment management firm headquartered in Washington, DC with investments in Texas, Maryland and Virginia. Goodstone sources, acquires and manages commercial office building investment opportunities on behalf of the firm’s principals, private clients and financial institutions. During the previous fifteen years, Goodstone’s founder has been involved in acquisition, disposition and financing transactions valued at $900 million representing 4.2 million square feet of office space. For more information visit http://www.goodstonellc.com.