The Ninigret Group recently closed on the sale-leaseback of a flex-industrial portfolio at 9417 Circle Drive in Austin, Texas. The property features 27,900 square feet of rentable area between 3 newly constructed buildings and will be leased back for an initial term of 5 years.
Situated to the Southwest of downtown Austin just off US Route 290, the property offers terrific ease of access to both the metro and surrounding areas. This location is also poised to benefit from significant municipal investment in the local highway infrastructure.
The southwest submarket of Austin has seen considerable residential construction over the last couple of years as Austin city proper has grown and expanded. This residential construction has increased land values and led to considerable barriers to entry in the surrounding area. The seller of the property also did an excellent job of developing buildings that would be attractive to a myriad of tenants including his own small business, which will lease back the buildings.
“We are excited to enter the Austin market by acquiring this brand-new build in a great location,” added Andrew Kern, an analyst for the Utah firm. “We enjoy rewarding entrepreneurs for their vision and look forward to managing the property with the same attention to detail that the developer showed in building it.”
Tyler Jaynes of NAI was the broker on the transaction.