Tom Pagel and Lucas Patterson, a Yancey-Hausman team in Austin, represented the tenant and building owner, the Priest Meyer family trust, in the transaction. "It's a quasi-retail building," Pagel says. "It's a great retail location, but the building wasn't really built for retail. But it works out great for this guy because he's got his corporate offices there as well as his tanning salon."
Pagel says the mixed-use space, in what is known as the TIF building, offers direct access to and from Interstate 35. He declined to say how long the lease is, but described it as long term. Way Too Tan has four retail locations in the Austin area.
The latest market reports show the far north submarket with a 96.26% occupancy rate, which is a bit higher than the overall Austin-area average occupancy of 95.36%.
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