Drawbridge Realty Ends Long-Term Hold on 3100 Alvin Devane

Following  a rehab and lease-up of a 70,388-square-foot creative office/R&D campus at 3100 Alvin Devane in south Austin, Drawbridge Realty sold the two-story building for $18.5 million. The buyer of record is listed as Alvin Realty LLC, traced to Sackman Enterprises Inc. of New York City.

The San Francisco seller, in partnership with HPI, acquired the two-building corporate campus, known as Sierra Technology Center, out of foreclosure in 2012. One building was sold to the Texas Computer Education Association in 2014; following that, Drawbridge Realty purchased HPI’s remaining interest in the partnership, converted the remaining building into creative office/R&D and invested a total of $8 million for interior and exterior renovations.

Kevin Granger and Matt Frizzell with Cushman & Wakefield leased up the building, which is now 100% occupied. Cushman & Wakefield’s Todd Mills, Carrie Caesar and Hunter Mills represented Drawbridge on the sale.

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