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Texas  + Austin  + Office  | 
CIM Group spins off 184,000 square foot Hartland Plaza in Austin

Austin Office Asset Flip Largest of New Year

There will likely be bigger deals finalized in Austin this year, but so far, according to CommercialEdge data, Hartland Plaza is the largest office building that has changed hands in Austin since the beginning of the year. CIM Group sold the Hartland Building and the firm recently sold 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.

Despite those sales, the company still plans to be a buyer in Austin as well. CIM Group’s Shaul Kuba, “CIM Group owns and manages a diverse portfolio of commercial properties throughout Austin and we intend to continue to seek new opportunities in this dynamic market. We believe there is demand for quality properties such as well-located creative offices, modern apartment communities and mixed-use environments.”

Completed on 3.4 acres in 1984, Hartland Plaza underwent extensive renovations from 2017 to 2019. CIM had acquired the asset in 2015.


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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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