AUSTIN, Texas, April 14, 2011 /PRNewswire/ -- Marking a milestone week of "firsts," the T. Stacy Value Fund I closed its first purchase on April 11, 2011, and it entered into its first partnership with the State of Texas to do so.
The Fund bought the Barton Ridge office complex at 4544 S. Lamar Boulevard in Austin, a four-building, 18.7-acre parcel. The property's biggest tenant, AT&T, occupies 108,000 square feet of space and has been in its offices there for 16 years.
"The property has great access, long-term, stable tenants and solid construction," Tom Stacy, principal of the T. Stacy Fund, said. "It was an ideal purchase to make in partnership with the state's Permanent School Fund." Stacy is the owner of T. Stacy & Associates, Inc., an Austin-based real estate development firm. He and colleague Kevin Black founded the T. Stacy Value Fund I in 2010.
The T. Stacy Value Fund I was recently recommended by the General Land Office as an investment partner for the Texas School Land Board, which has statutory oversight of the state's Permanent School Fund.
"We're proud that we were among the few who are approved by the State as a partner, and we look forward to a long and productive relationship," Stacy said. He said he was already looking for other deals that would be appropriate for the T. Stacy Value Fund I.
The seller was represented by Walter Saad and Cathy Nabours at CB Richard Ellis and T. Stacy was represented internally.
About T. Stacy & Associates:
T. Stacy & Associates, Inc., is a full-service commercial real estate firm specializing in leasing, development, acquisition and property management. The company sets itself apart from other firms through an emphasis on customer service, quick decision making, attention to detail and hard work, and a proven track record. Based in Austin, Texas, T. Stacy & Associates has focused its efforts in key markets across the state of Texas along with a few select out-of-state markets. www.tstacy.com
Contact: Elizabeth Christian
SOURCE T. Stacy & Associates