Feud over Offices at Braker in N. Austin gets more complex with another bankruptcy filing
Nate Paul's World Class wrestles with Karlin Real Estate for control of 45-acre site
https://www.bizjournals.com/austin/n...ankruptcy.html
A sprawling North Austin office park nearly changed hands on Sept. 29 — but a last-minute Chapter 11 bankruptcy filing prevented an auction.
Embattled real estate investor Nate Paul filed for the Chapter 11 bankruptcy protection on behalf of an affiliated company called WC Braker Portfolio B LLC. It's the second shell company tied to Offices at Braker to file bankruptcy; a related entity called WC Braker Portfolio LLC filed in May for Chapter 11 protection.
WC Braker Portfolio owns Offices at Braker, while WC Braker Portfolio B owns a 100% interest in WC Braker Portfolio.
In effect, the bankruptcy filing prevented Los Angeles-based Karlin Real Estate LLC from seizing control of Offices at Braker, a 45-acre business park with 546,823 rentable square feet. Karlin owns the debt tied to the real estate, which is valued for tax purposes at roughly $163 million, according to Travis Central Appraisal District. But it’s possible the properties could fetch even more on the open market.
The site isn't far from Austin's second downtown, The Domain, where many low-rise buildings are being turned into high-rises.
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