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7000 W William Cannon Dr, A...

7000 W William Cannon Dr
SOLDOffice

7000 W William Cannon Dr

7000 W William Cannon Dr, Austin, TX...

Building Size

136,075 SF

Asset Type

Office

Closing

Nov 19, 2023

AI

Menlo Properties, based in California, has acquired 7000 West at Lantana, an office complex located at 7000 W William Cannon Dr, Austin, TX. The property spans 136,075 square feet and was originally constructed in 1999 as a part of the Lantana master-planned community. The previous owner, Dallas-based Starwood Capital Group, completed the transaction for an undisclosed price.

Summary of transaction details:

  • Property Type: Office Complex
  • Transaction Amount: Undisclosed
  • Square Footage: 136,075
  • Address: 7000 W William Cannon Dr, Austin, TX
  • Market: Austin
  • Seller's Representatives: Celeste Fowden, Mike McDonald, Ryan Stevens
  • Buyer: Menlo Properties

The deal was brokered by Celeste Fowden, Mike McDonald, and Ryan Stevens from Cushman & Wakefield, who represented the seller in this transaction. The acquisition marks another investment for Menlo Properties in the Austin market, further expanding their portfolio in the region.

Players

Ryan Stevens

JLL

Broker

$26M

vol

5 deals

Broker

Austin Office Market Snapshot

Boundary boundary · Office · Sale 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