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Jones Lang LaSalle (“JLL”) has been exclusively retained by ownership to offer qualified investors the opportunity to purchase 3922 & 3924 Woodbury (the “Property”), a recently renovated 15,000 square foot, flex office/industrial asset located in Austin’s South Congress District. The Property has remained consistently 100% leased for the last 4 years to a diverse mix of creative businesses and distributors with minimal downtime in the rare event there was a vacancy. The Property has benefited from the immediate surrounding area which has been rapidly changing through new creative developments such as Penn Field Creative Office Campus, the St. Elmo District and Austin’s renowned South Congress District. 3922 & 3924 Woodbury presents the unique opportunity to acquire an infill asset with short-term leases ideally situated for an owner-user or opportunistic investor.
Rare Opportunistic Investment or Owner-Occupant Opportunity
- With an average in-place rent of $11.66 PSF NNN and new leases getting signed at $15.00 PSF NNN, investors have the ability to increase NOI through mark-to-market opportunities as well as converting the remainder of the tenants to NNN
- With all leases expiring by October 2022, the Property lends itself to an owner-user who could vacate the tenants and occupy for themselves or an opportunistic investor that could extend tenants long-term and stabilize the asset
Recently Renovated Asset
- Since acquisition, ownership has invested significant money in capital expenditures that has differentiated the asset among its competitive set:
- The Property has remained consistently 100% leased for the past 4 years and had no rent collection issues throughout the COVID-19 pandemic
- With nine separate suites at the Property, each unit is separately metered for electric and features a 100 SF office and private bathroom. Certain units also contain mezzanine space (not included in SF) and full climate control
Synergistic Surrounding Developments
- South Congress Retail District
- Penn Field
- St. Elmo District