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Allegiance Retail Services, a current subtenant, signed a direct long-term lease for 18,928 square-feet at the property. In addition, Office Evolution, an existing tenant, signed a long-term lease extension and expanded its total square footage to 14,500 square-feet.
Hellyer Oaks Technology Park consists of two interconnected office/R&D buildings which Vertical Ventures recently sold to Swift Real Estate Partners in a $55.65 million transaction.
The California buyer was in a 1031 exchange looking for a solid national tenant, triple net lease with 7%-plus return, so a Hoquiam, WA Rite Aid property was the perfect fit for the out-of-state purchaser.
The coronavirus has brokers guessing as to how this will affect leasing in the short term, and Avison Young says leasing activity is likely to have a degree of decline in transaction volumes compared to pre-crisis expectations.
As East Austin continues to mature and expand, The Block Yard positions tenants and residents to take advantage of a walkable location near key employment and entertainment hubs.