Sale of single-tenant distribution facility in Austin completed
JLL Capital Markets closed the sale of the fully leased 3830 Promontory Point
DALLAS, January 4, 2021 – JLL Capital Markets announced today that it has closed the sale of 3830 Promontory Point, a 69,332-square-foot, single-tenant light industrial distribution facility in Austin, Texas.
JLL marketed the property on behalf of the seller, Promontory Partners. CenterPoint Properties Trust acquired the asset.
Situated on 5.96-acres, 3830 Promontory Point is 100 percent leased to a local storage and delivery service. The property offers 22-to-24-foot clear heights, six dock high doors, 123 car spaces, 21 percent office finish-out and 100 percent HVAC warehouse space.
3830 Promontory Point is located in southeast Austin near Interstate 35 and State Highway 71, with regional connectivity to I-35, SH-183 and SH-130. The distribution center is nine-minutes from the Austin Bergstrom International Airport, 10-minutes from downtown Austin, 45-minutes from San Marcos and an hour and 25-minutes from San Antonio.
The property is in one of the most desirable submarkets in the Austin-Round Rock market. The Southeast submarket is the third largest industrial submarket in Austin, averaging 4.5 percent rental rate growth and over 300,000 square feet of positive net absorption annually since 2010. The facility is benefited by the vital highway infrastructure offered in the submarket, which is attracting brand name tenants.
The JLL Capital Markets Investment Advisory team representing the seller was led by Director Dom Espinosa and Analysts Josh Villarreal and Clayton Knavel.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.