N3 Capital Partners LLC, a real estate development firm, was co-founded in December of 2006 by Tim Berry and quickly became a nationally recognized developer of commercial real estate – having developed and sold or leased over 70 projects in 14 different states. The team of 30 plus real estate professionals with backgrounds in real estate development and investment, securities law, investment banking, private equity, as well as corporate leadership and restructuring, among other disciplines.

The firm keeps their eye on opportunities in the southwestern United States and their focus is on revitalization of distressed properties, restructuring and reposition of existing assets to bring these opportunities back into the positive column. This will be a fantastic step in the right direction for the local Austin market.

The firm’s inaugural fund, the N3 Opportunity Fund I, will invest primarily in undervalued commercial, mixed-use, and multi-family though joint efforts with other real estate development firms that have a proven track record and experience in the same sort of investment strategies.

The principals at Pennybacker Capital are, in addition to Tim Perry:

George P. Bush, who has legal expertise in mergers, acquisitions, securities filings and divestitures.

Vince Reyna, a certified financial analyst who was vice president for CIT Corporate Finance.

Michael O’Malley, a certified public account who was chief operating officer and financial officer at Vision Web, Inc.

The market for commercial condominiums has been steadily rising for the past decade.

The office condo market is filling a need for small businesses and professional service providers as the owners realize the benefits of owning their own office space. Tax benefits, mortgage payments that can be potentially lower than lease payments, as well as the real estate equity owned by the business all help the bottom line and many businesses are take the plunge into owning their own space.

Owning ones own place of business means the occupant can make the office into a signature space. By purchasing a “shell” – unfinished space – the buyer can customize the finish out, putting their own touches on the space and benefiting, in the end, from any improvements made.

A typical condo buyer is looking for between 2,000 and 3,000 square feet, the business is five to ten years old, and their employment numbers are generally stable. Much like a first time home buyer, the business owner buying a condo has realized the futility of paying rent year after year, and is looking to add assets to the financial sheet.

The three most important words in real estate and business absolutely apply here: location, location, location. Deciding what the most desirable area is depends on the type of business and the desired clientele. As the commercial condominium market heats up, though, an argument can be made for either a downtown location or the heretofore more typical suburban areas.

Traditionally, office condos are located outside the more desirable downtown and centrally situated areas. However, a movement is underway to renovate downtown spaces and offer them as office space for sale. As gas prices rise, business owners look for locations convenient to their employees and customers alike. Downtown areas are experiencing revitalization, also. There is a movement on to look closely at rejuvenating the downtown neighborhoods and commercial zones as urban sprawl becomes a concern.

Still, the outer edges of the city remain desirable for many reasons. The lower costs of real estate, room for expansion, room for parking, less congestion, are all good reasons to locate outside the city. Parking is a concern, though more employees are looking at public transportation options. Regardless of location, though, the benefits of purchasing ones own business space are many.

The office condominiums at Shoal Creek Plaza are available for sale, many ready for immediate occupancy. Ranging in size from 400 to 10,000 square feet, these offices are located in a prime area and priced at between $165 and $176 per square foot plus the cost of finishing. Walls of windows and exposed brick add natural light and character to these spaces. The buildings are in a prime location, near the Arboretum and Domain shopping centers, one half mile from Mopac and US highway 183.

At 8500 Shoal Creek Boulevard, the Shoal Creek Plaza is an attractive prospective location for several different types of business. The property was bought in March of 2002 by Ogle Properties and renovated to be sold as condos. The plaza consists of four buildings with a total of 92,000 square feet of office space, some partially finished out, some ready as shells for the owner’s personal touches.

Formerly occupied by URS Radian International, for twenty years, it was a good time in the softening real estate market to make the move to split up the property into smaller office spaces and get on the commercial condominium band wagon. As the real estate market warms up again after a brief and mild market downturn, the Shoal Creek Plaza already begun to sign up a good set of tenants. The prices and reasonable, the location is ideal, and the terms are favorable for many types of small businesses and professional services.