Spire Realty Group LP, headquartered in Dallas, hired HFF to market for sale Austin Oaks, a 12-building complex in Northwest Austin. The announced sale caps a close to three-year zoning fight that allowed the site to be redeveloped over time with 1.3 million square feet of office, retail and multifamily space. The business park currently consists of 445,322 square feet at MoPac Boulevard and Spicewood Springs Road.

Rhonda Toming with Fischer, a Dallas-based real estate services firm, told the Austin American-Statesman that Austin Oaks’’ previous four owners positioned the property as a redevelopment opportunity. “Given the recent rezoning approvals gained last year, the sale should attract significant interest from both equity players and local developers alike,” she said.

Austin Oaks is valued at $87.4 million, and is 90% leased, with more than 130 tenants. Rents average 23% below market, with remaining lease terms of two years, on average.

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