Managing Partner, Crimson Real Estate Fund, L.P. (CREF), and its co-investment partners, Admiral Capital Group and USAA Real Estate Company were successful in selling the Aspen Lake, Tower of the Hills and Tower Point office buildings which totaled approx. 380,000 square feet.
These assets, which were located in Northwest Austin, TX, were purchased on behalf of CREF in 2011. The buyer was Fortis Property Group of New York. The seller was represented by Andrew Levy and Todd Savage of HFF.
Crimson Real Estate Fund, a real estate opportunity fund, is managed by Crimson Real Estate Advisors, L.P., based in Houston. USAA Real Estate Company is the largest single investor in CREF and also co-invests alongside CREF, which serves as the sponsor/operating partner. CREF, in addition to funding BTS office and multifamily developments around the country, acquires and repositions real estate opportunities in key growth markets across the United States.
Admiral Capital Group has partnered with USAA Real Estate Company to pursue commercial real estate opportunities nationally.
About Crimson Real Estate Advisors, LP
Crimson and its affiliates have acquired and developed assets valued in excess of $3 billion over the past 30 years. For more information, visit www.crimsonrealestateadvisors.com.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
About Admiral Capital Real Estate Fund
The Admiral Capital Real Estate Fund is a newly launched partnership between USAA Real Estate Company and Admiral Capital Group formed by NBA Hall of Famer, philanthropist and 1987 U.S. Naval Academy graduate David Robinson and Managing Partner, Dan Bassichis. The Fund targets real estate assets including office properties, retail shopping centers, multi-family properties, hotels and mixed-used properties. The Fund seeks value add opportunities in major domestic markets with a target transaction size of $25 million to $100 million. In addition to pursuing traditional opportunities, the Fund’s sponsors also seek to support community initiatives in cities where the Fund invests that embrace Robinson’s mission to improve education in lower income communities.
The Board of Directors of Raba Kistner, Inc. announced that as of April 29, the company has acquired San Antonio-based Project Control of Texas (PCT), Inc. Project Control will become a division of Raba Kistner Facilities, a wholly-owned subsidiary of Raba Kistner, Inc., but will maintain its name while still performing the program management services that have made Project Control a well respected name in the construction industry. The purchase includes all of PCT’s holdings, including PC Sports, LLC, Project Control Houston, LLC, and Project Control Entertainment, Inc.
Since its beginning in 1968, Raba Kistner has cultivated a strong presence and reputation in Texas, which has allowed the company to expand its multi-disciplinary services. In the last 10 years, the company has doubled its number of employees and almost doubled its billings. “We are on track to grow that much again by 2018,” said William Raba, President of Raba Kistner, Inc. “We saw acquiring Project Control as a prudent way to expand Raba Kistner’s existing capabilities in the Program Management field due to their excellent reputation and well-known, experienced staff. “
According to Bob Crittenden, Chief Executive Officer of Project Control, PCT has been a recognized leader in Program Management Services and was a pioneer in the field almost from their beginning in the late 1970’s. PCT is one of the largest privately owned Program Managers in their field of service. PCT has worked on projects all over the United States, including many “Fortune 50” clients, completing more than $6 Billion in total projects. Recent projects include the KFC Yum! Center in Louisville, Kentucky; the Pinnacle Bank Arena and West Haymarket Entertainment District in Lincoln, Nebraska; and the Nustar Corporate Headquarters in San Antonio, to name just a few. Other local clients include Valero Energy Corporation, Frost and Broadway Banks and Security Service Federal Credit Union. “Over 50% of our projects are either repeat business or direct referrals from previous clients, which we attribute to our level of service,” said Crittenden.
The Atascosa National Bank branch located at 8780 US Highway 87 became TexStar National Bank as of January 12, 2013.