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4/23/20
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A 12.9k sf retail property in Austin, TX sold for $7.43 mil ($576/sf). The property is currently occupied by CVS/Pharmacy, who has 13 years remaining on a total 25-year lease.
The property is located at 4001 West William Cannon Dr, at Frontage Rd on the east side of MoPac Expwy. It is surrounded by national credit retailers including Home Depot, Walmart, Petco, Costco and Target, among others.
Austin Emerald, LLC, a San Diego-based investor, sold the property with representation by Jon Busse and Volmey Campbell of Colliers International. Austin Phila EO, LLC, a Palm Springs-based investor, acquired the property with representation by Brad Kritzer and David Chasin of Pegasus Investments.
“This property was acquired as part of a 1031 tax deferred exchange with both the buyer and seller being California investors,” said Busse. “With the property’s ideal location and high-quality tenant, it will continue to be a strong investment property for the new ownership.”
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