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8201 Ranch Road 620 North

The Picklr Leases 39642 Square Feet At The Preserve At 620 In Austin With Jason Steinberg & Sean Couey As Landlord's Representatives
LEASEDMixed-use

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:

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

Jason Steinberg

Equitable Commercial Realty

Broker

4 deals

Broker

Austin Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Lease transactions

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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