JLL completes sale of north Austin retail center
2406 W. Parmer Lane acquired by Parmer Lane Properties, LLC
AUSTIN, June 10, 2019 – JLL announced the successful sale of 2406 W. Parmer Lane, a 4,711-square-foot retail center in north Austin, today. Parmer Lane Properties, LLC acquired the asset.
JLL Senior Vice President Tim Allen led the marketing and sales effort on behalf of the seller, 710 W. 34th, Ltd.
“Low interest rates, stock market volatility and investment transparency continue to drive activity in commercial real estate investments,” said Allen. “Austin - with its limited product availability, steady population and employment growth and reputation as one of the best places to live - is especially attractive to investors, with the highest demand being for triple net lease retail product in the $1 million to $7 million price range.”
With continued population growth in Austin and major high-tech employers gravitating to the northern submarkets, The Domain trade area is becoming the “Northern CBD,” with Parmer Lane becoming the major east-to-west traffic corridor connecting I-35 and Mopac to the West/Northwest suburbs.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.