CIM Group Sells Austin Office Building

Hartland Plaza in Downtown Austin. Image courtesy of CIM

CIM Group has sold Hartland Plaza, a 184,128-square-foot office building in Austin, Texas. However, the firm plans to acquire additional properties in the Austin market, Shaul Kuba, co-founder & principal, said in a prepared statement.

In the meanwhile, CIM Group already has several other transactions in the making. The firm recently agreed to sell a 4.6 million-square-foot portfolio, consisting of 185 retail and industrial non-core net lease properties, to Realty Income Corp. The $894 million deal would be CIM’s fourth with the company.

A Class A office asset

Completed on 3.4 acres in 1984, Hartland Plaza underwent extensive renovations from 2017 to 2019. The Class A, four-story building features 46,000-square-foot floorplates and more than 13,000 square feet of retail, according to CommercialEdge data. CIM had acquired the asset in 2015.

Located at 1717 W. Sixth St. in Austin’s downtown, the property includes a subterranean parking garage and an adjacent four-story parking structure. Amenities include a conference facility, fitness center, restaurant, salon and health spa. CIM also integrated bipolar ionization technology into the building’s HVAC system to improve air quality.

According to CommercialEdge data, Hartland Plaza was the largest office building that has changed hands in Austin since the beginning of the year. While the sales volume was on the small side, the metro continued to have one of the largest pipelines in the country, with 6.7 million square feet of office space under construction as of January, a recent report reveals.