Cielo Center & Crossings at Lakeline_Property for Sale

Various locations

Cielo Center & Crossings at Lakeline

Portfolio description

JLL (Jones Lang LaSalle Americas, Inc.) is pleased to present the opportunity to acquire a fee simple interest in Cielo Center, The Park on Barton Creek, and The Crossings at Lakeline (the “Portfolio”), a collection of Class A office buildings totaling 708,777 square feet. Located in the booming Southwest and Northwest Austin submarkets, the Portfolio is located within Austin’s most popular neighborhoods including Rollingwood, West Lake Hills, Barton Creek, Cedar Park, and Round Rock. The Portfolio is currently 73.4% leased to a diversified roster of tenants with 3.4 years of WALT and anchored by credit tenants including NVIDIA (S&P: AA-), Torc Robotics (subsidiary of Daimler, S&P: A), and NFP Insurance (subsidiary of Aon, S&P: A-). The Properties enjoy superior locations along Austin’s most traveled and convenient highways including Loop 360, MoPac and US-183. This Portfolio presents a unique opportunity to purchase several Class A office buildings at a massive discount to replacement cost in one of America’s most dynamic cities: Austin, Texas. The Properties are available as a portfolio or on an individual basis.

...

Attributes

Building area net

65,848 m²

Occupancy

73.4%

WAULT

3.4 years

Cielo Center & Crossings at Lakeline (3 Properties)

Media

Investment Highlights

Cielo Center:

Three (3) interconnected buildings with stunning views of Downtown Austin from over 15 outdoor balconies
Current rates 14.9% below market average with strong historical rent growth (~17% since 2019)
Located along Loop 360 in proximity to West Austin’s most affluent neighborhoods of West Lake Hills, Rollingwood, and Lost Creek

The Park on Barton Creek:

Two (2) Buildings centrally located at the corner of South MoPac and Loop 360, two of the major arteries for the MSA
High-quality construction and long-term institutional ownership allow for strong value-add with limited capital investment
Immediate access to affluent neighborhoods: Rollingwood, Barton Hills, and West Lake Hills

The Crossings at Lakeline:

Two (2) buildings with convenient access for commuting employees with proximity to the major highway interchange of HWY-183 and SH-45
Abundance of service retail and casual restaurants in the immediate surrounding area
Adjacent to the Capital MetroRail’s Lakeline Station providing access to destinations like Q2 Stadium and the Texas State Capitol via the Red Line Route