|Number of units||74580|
|Call for Offers||2022-04-12|
Jones Lang LaSalle (“JLL”) is pleased to offer the exclusive opportunity to purchase Canyon at Wild Basin and Lakewood on the Park B&C (the “Properties”) – two prestigious office opportunities comprised of 256,978 square feet located directly off Loop 360 in Austin, Texas. The 84% leased collection presents a rare value-add opportunity through the lease-up of vacancies and mark-to-market of existing tenants in one of the best investment markets in the country. Surrounded by Austin’s most affluent neighborhoods in West Austin with high barriers to entry, the Properties offer a premier and stable investment with the ability to create and enhance value.
RARE VALUE-ADD OPPORTUNITY
84% leased to a diversified rent roll with 3.6 years of WALT remaining offering an immediate value add opportunity through the lease-up of existing vacancies and spec suites.
AFFLUENT SURROUNDING NEIGHBORHOODS
The Properties are surrounded by some of Austin’s premier neighborhoods including West Lake Hills, Northwest Hills, Cat Mountain, Rob Roy, Barton Creek, Rollingwood, and Barton Hills
LEASING MOMENTUM AND MARKET RENTAL RATE VALIDATION
Both properties have experienced increased leasing momentum with over 26,000 square feet in signed leases over the past 6 months. Additionally, these leases have been signed at market validating rental rates for each of the assets.
HIGH BARRIERS TO ENTRY
High barriers to entry due to the dramatic topography of the West Austin Hill Country, creating a leasing advantage with a lack of existing or future competitive developments. Environ-mentally sensitive land use restrictions limit even the densest developments along Loop 360 to 0.2 FAR. Additionally, much of the land around Loop 360 is publicly owned or protected, driving up development costs