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Jones Lang LaSalle Americas, Inc. (“JLL”) has been exclusively retained to offer qualified investors the opportunity to acquire Tech Ridge Five (the “Property”), a 226,076-square-foot best-in-class industrial facility that is located in an irreplaceable infill location within the Austin industrial market.
The Property is 100% leased to Applied Materials (S&P: A-), and Carlton-Bates Company, a subsidiary of Wesco (S&P: BB-), with 3.7-years of weighted average lease term remaining and in-place rents 15% below market. With a location along IH-35, in the middle of Shops at Tech Ridge and Parmer Austin, the Property offers unparalleled access to surrounding demand drivers and synergies with neighboring corporate tenancy. Tech Ridge Five presents a unique opportunity to acquire a Class-A industrial asset featuring best-of-the-best industrial tenancy, within one of the nation’s leading economies.
FORTUNE 400 TENANCY WITH MARK-TO-MARKET POTENTIAL
Rare Austin Industrial Acquisition Opportunity
- Tech Ridge Five presents investors with the unique opportunity to acquire 226,071 square feet of light industrial product within an infill location of Austin, a city that has limited industrial supply and minimal acquisition opportunities each year.
Stable In-Place Cash Flow with Future Upside
- With an in-place occupancy rate of 100%, rental rates 15% below market, and limited availability for similar suite sizes and parking ratios in the competitive set, potential investors will have the ability to push rents upon tenant rollover.
INSTITUTIONAL QUALITY ASSET WITH SIGNIFICANT TENANT INVESTMENT
- 226,076 square foot, rear-load facility originally constructed in 1999
- Situated on 17.0 acres of infill land, the site features 130’ deep truck court and 571 parking spaces, which translates to an above standard parking ratio of 2.5 per 1,000
- Building features reinforced concrete construction, clear heights of 28’, 13% office finish with 100%HVAC climate-controlled warehouse space
- In-place tenancy has spent upwards of $5.50 PSF above their provided tenant improvement allowance, signifying the tenant commitment to the asset and increasing the costs to replicate the existing improvements