The Picklr Leases 39642 Square Feet At The Preserve At 620 In Austin With Jason Steinberg & Sean Couey As Landlord's Representatives
8201 Ranch Road 620 North
Building Size
39,642 SF
Asset Type
Mixed-use
Closing
Aug 15, 2024
AI
The property involved in this transaction is a mixed-use asset located at 8201 North FM 620 in Austin. It features a total square footage of 39,642 and is currently operated by Vegas Sun, LLC. The Picklr has signed a lease for this space, which will serve as its first local location and will include 11 pickleball courts along with various amenities. The site, previously a Walmart, is undergoing redevelopment to enhance its offerings.
Summary of transation details:
- Property Type: Lease
- Transaction Amount: Not disclosed
- Address: 8201 North FM 620
- Market: Austin
- Tenant: The Picklr
- Landlord: Vegas Sun, LLC
- Landlord's Representative: Jason Steinberg & Sean Couey - Equitable Commercial Realty (ECR)
- Tenant's Representative: Carson Hawley & Will Majors - CBRE
This lease marks a significant development for The Picklr as it establishes its presence in the Austin market. The project is expected to open in Fall 2024 and will include a range of recreational facilities, office space, and outdoor amenities as part of its comprehensive redevelopment plan.
Players
Austin Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Lease transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93