Newport Beach, Calif.-based Mark IV Capital tentatively plans to break ground on Round Rock’s first Class A office space beginning this summer. The 82,000-square-foot building will be the second building at The Summit at La Frontera office park near the intersection of Hesters Crossing Road and La Frontera Boulevard.
The architect, engineer and general contractor have yet to be selected.
Mark IV Capital purchased the land and the adjacent Summit I office building in October 2013 from Maryland-based Moore & Associates Inc. The 87,000-square-foot Summit I is a Class B property built in 2001. It’s almost 95 percent occupied with tenants that include Broadcom Corp., HDR Engineering, Prime Lending and SmartNote.
“We are targeting a large user requiring 15,000 to 20,000 square feet or more of Class A office space in Central Texas for Summit II,” Shore said. “We are already working with several companies who are looking to enter the greater Austin area and require this type of office space.”
This is Mark IV Capital’s first investment in Austin. The company researched the Austin market for about 10 years before committing capital here.
“Round Rock is a magnet for attracting businesses due to progressive city leaders and a pro-business climate,” said Justin Basie, asset manager for Mark IV Capital.
Mark IV Capital is active in real estate acquisitions and developments in Phoenix, Denver, Las Vegas and Southern California.
Jan Buchholz, Austin Business Journal (Follow her on Twitter)