January 24, 2017
Paydar Properties Inc. shook off a competitive group of urban developers to snag 27 Eleven, a 2.7-acre parcel at 2711 W. Anderson Lane in Austin. Scott LaMontagne and Michael Gonzalez, with JLL’s Capital Markets Group, represented seller CSW Development in the sale.
The site currently holds a 28,021-square-foot office building that is leased by J.P. Morgan Chase. However, the sale means the land can be redeveloped into a mid-rise, multifamily mixed-use property in the near future. The sales price was undisclosed.
LaMontagne indicated that the transaction attracted developers, as it “was an excellent opportunity to add a potential investment property within a growing area of the city. The property is in an active, walkable submarket, with tremendous upside, nearby amenities and access to major roads and an expressway.”
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