World Class Holdings’ Nate Paul and the retail strip center in the Domain (World Class, Keen Summit Capital Partners, iStock)
An Austin bankruptcy court approved an auction sale and bid procedures for a 560,000-square-foot office and retail portfolio formerly owned by Nate Paul’s World Class Holdings. Keen-Summit Capital Partners, the portfolio’s marketing broker, says there is a stalking-horse bid of roughly $75 million.
The auction will determine control of 13 single-story office buildings and a retail strip center near the Domain, one of Austin’s fastest-growing neighborhoods. The area, which lies north of the central business district, includes offices for tech giants like Amazon and IBM, as well as Q2 Stadium. The buildings lie at the intersections of West Braker Lane, Kramer Lane, and Metric Boulevard.
Bidders will have the option to make a play for just the office or retail portions of the portfolio if they do not want the whole spread. Bids must be submitted by Feb. 7, and the auction will be held on Feb. 14.
“We expect this to be quite an exciting auction,” said Mathew Bordwin, co-president of Keen-Summit. Harold Bordwin, another co-president at Keen-Summit, said the portfolio includes almost 50 office tenants and has value-add potential.
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The portfolio has been in the lurch since at least May, when World Class put it into bankruptcy to avoid a foreclosure claim by lender Karlin Real Estate. A judge had scheduled a UCC auction for the ownership entity’s shares in September, but the sale never went through.
Elsewhere in Austin, the Related Companies recently purchased a different World Class property on South Congress for $65 million at bankruptcy auction.
Paul did not immediately respond to request for comment.