Pins Mechanical

JLL is pleased to present the opportunity to acquire the condominium interest in a newly built out Pins Mechanical Company located at 4323 S Congress Ave in Austin, TX. Pins Mechanical Company, a rapidly expanding entertainment venue group, is set to open in spring 2025 and has signed a 15-year NNN lease with 3.0% annual rent bumps, two 5-year renewal options, and percentage rent. The property will feature extensive outdoor space, a bar, duckpin bowling, shuffleboard, darts, an arcade, ping-pong, patio pong, giant Jenga and more.

The Property is strategically positioned in the thriving South Congress district of Austin, one of the nation's premier shopping and entertainment destinations. South Congress seamlessly connects downtown employment hubs with iconic Austin neighborhoods, offering immediate access to both. The area boasts average retail occupancy levels above 95% for the past decade, commanding the highest retail rents in Austin.

The Asset benefits from Austin's explosive growth, with the MSA experiencing a 28% population increase from 2012 to 2022. The local area has seen significant multifamily development, with over 1,100 new units added since 2021. The Property is situated in a high-income area, with an average household income of $104,098 within a 5-mile radius. It benefits from excellent visibility and access, located adjacent to Hwy-290 / 71 (100,000 VPD) and I-35 (150,000 VPD).