Appraisal District’s New Austin Office to Undergo Reno
- Jul 18, 2019
The Travis Central Appraisal District has acquired a four-story office property totaling 72,720-square-feet in Austin. The Westcap Corp., a subsidiary of National Western Life Insurance Co., sold the asset for $8.5 million, according to The Austin Bulldog.
Government Capital Corp. facilitated the sale with $10 million in acquisition financing set to mature in June 2039, Travis County records show. TCAD will utilize some of the funds for property improvements.
Located at 850 E. Anderson Lane, the facility will serve as TCAD’s primary office. Completed in 1975, the new location is nearly double in size compared to the appraisal district’s previous 34,909-square-foot space at 8314 Cross Park Drive, where TCAD was since 1985. Renovation work is slated to commence in November, with completion scheduled for May 2020, also per The Austin Bulldog. Plans include the construction of a parking garage as well.
Deal in the making
The government authority has leased 850 E. Anderson since January of this year, as the property had been vacant since early 2018. Prior to the transaction, Travis County commissioners approved the $10 million project intended for the purchase and renovation of the building. According to a Travis County Commissioners Court Voting Session Agenda Request from April, an increased number of property valuation protests and decreased availability of short-term leases for ARB panels led to the acquisition of a larger space.
The JLL team of Market Lead Todd Wallace and Capital Markets Senior Vice President Jeff Coddington worked on behalf of the seller. Given the property’s central location and the ongoing growth of the area’s talented workforce, the transaction represents a quality investment with long-term upside, Wallace explained. The asset is 6 miles north of Austin’s CBD and 5 miles north of the University of Texas campus and the new Dell Seton Medical Center/UT Teaching Hospital and Medical School.