Southwest Value Partners, the real estate firm co-founded by Phoenix Suns owner Robert Sarver, purchased the Hewlett-Packard campus in far North Austin for an undisclosed price.
The deal closed July 31, according to deed records (2018121172) at the Travis County Clerk’s office.
I’ve reached out to Mark Schlossberg, co-founder and managing director of Southwest Value Partners, which is headquartered in San Diego and hope to learn more. The company has a long history in real estate investment and redevelopment in several states.
Most recently, SVP has been the lead developer in the Nashville Yards, a $1 billion mixed-use project in downtown Nashville.
The HP property, which includes extensive acreage and expansive office space, is located at 14231 Tandem Boulevard east of North MoPac Expressway.
Hewlett Packard Enterprise Co., an entity of the computer giant, signed a lease-back deal with the buyers on the day of the closing, according to exhibits in the warranty deed. It’s unknown how many square feet the lease entails.
The acquired property includes a building of about 200,000 square feet that was originally built in 1983. That building on 16 acres was most recently valued by the Travis Central Appraisal District for a little more than $14 million. There are other significant land parcels fronting MoPac, at least 34 acres valued most recently for tax purposes at about $15 million.
Southwest Value Partners was founded in 1990 by Schlossberg and Sarver, Both earned accounting degrees from the University of Arizona in Tucson. Sarver has multiple business investments, including the Phoenix Suns and Western Alliance Bank.
A trend has emerged in the last few years, as veteran tech firms with large real estate holdings in Austin have sold their property assets to real estate investors and developers. IBM, for instance, sold its North Austin campus to Brandywine Realty Trust several years ago.
This spring, Austin-based World Class Capital Group purchased the former 3M campus in far Northwest Austin. With land so valuable across the metro area, it doesn’t make sense for corporations to hold onto those expensive assets. They can often generate big revenues by selling off and leasing back or moving to more affordable real estate owned by third parties.