The City of Austin would rather buy than build. It has maintained a plan to purchase already-built offices and warehouses instead of building them itself.
The Austin Business Journal reports that the city approved a measure authorizing the purchase of 11 properties totaling 2.4 million square feet. The acquisition includes offices, warehouses, storage areas and parking lots. 435,000 square feet are made up of offices or warehouses; the rest is parking. The total price authorized is not to exceed $41.1 million. The seller was Karlin Real Estate, which bought the properties from BAE Systems in 2020.
It would be the city’s ninth major real estate acquisition since December 2023.
The city’s bought properties are being used for administrative office buildings, industrial facilities, and special-use facilities.
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