Promontory Point Benefits from Vital Highway Infrastructure

3830 Promontory Point, a 69,332-square-foot single-tenant light industrial distribution facility in Austin, recently sold for an undisclosed purchase price. CenterPoint Properties Trust acquired the asset.

Situated on 5.96 acres, 3830 Promontory Point is 100 percent leased to a local storage and delivery service. The property offers 22- to 24-foot clear heights, six dock-high doors, 123 car spaces, 21 percent office finish-out and 100 percent HVAC warehouse space.

3830 Promontory Point is located in southeast Austin near Interstate 35 and State Highway 71, with regional connectivity to I-35, SH-183 and SH-130. The distribution center is 10 minutes from the Austin Bergstrom International Airport, 10 minutes from downtown Austin, 45 minutes from San Marcos and 90 minutes from San Antonio.

The property is in one of the most desirable submarkets in the Austin-Round Rock market. The Southeast submarket is the third largest industrial submarket in Austin, averaging 4.5 percent rental rate growth and more than 300,000 square feet of positive net absorption annually since 2010. The facility benefits from the submarket’s vital highway infrastructure, which is attracting brand name tenants.

JLL capital markets marketed the property on behalf of the seller, Promontory Partners. The JLL team was led by director Dom Espinosa, and analysts Josh Villarreal and Clayton Knavel.