Acquisition strengthens trend of commercial growth in Southeast Austin
AUSTIN, Texas —
Franklin Street, a full-service commercial real estate services firm headquartered in Tampa, Florida, announced it has successfully brokered the sale of the 189-acre land plot, commonly known as Elm Ridge, in Bastrop County. The property is adjacent to an LCRA substation and planned data center development. The new owner intends to build a mixed-use commercial development on the property which is located 10 miles east of Austin Bergstrom International Airport, continuing the growth trend southeast of Austin. Franklin Street represented the seller in the transaction, who had owned the land since 1999.
“The opportunity to collaborate with our clients over the past several years has led to an outcome that is transformative for Central Texas,” Marshall Durrett, managing director, Franklin Street, said. “We were able to meet our clients’ goals and find a buyer that has a vision for the land in accordance with the growth and direction of the area.”
Prior to closing, access to water and wastewater service was secured in an amount sufficient to serve the private buyer’s proposed uses of the property. Previously, the site had entitlements for a 634-lot residential subdivision. Durrett also spoke to the state of the land market in Central Texas and how buyers and sellers are finding success.
“Deals are currently taking longer to close due to the entitlements process and challenging market conditions. However, sellers are beginning to price properties more in line with market expectations providing ample opportunity within Central Texas for buyers and we expect an uptick in activity in 2026.”
Durrett served as lead broker in the transaction and was assisted by Laura Fretwell, senior associate. This transaction is the latest in a series of notable transactions brokered by Durrett and Fretwell in the Ausin region including the April 2022 sale of 73.5 acres on Chisholm Trail Road in Round Rock to be used for light industrial development, a July 2022 sale of 76 acres in Cedar Park, also for light industrial development, and the December 2020 sale of 715 and 717 West 6th Street in downtown Austin for future high-rise development.
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About Franklin Street
Franklin Street is a fully integrated, national commercial real estate services firm headquartered in Tampa, Florida. We combine thoughtful planning with decisive action to deliver winning results to clients nationwide. Franklin Street’s seven lines of business include Capital Advisory, Insurance, Investment Sales, Property Management, Project Management and Tenant and Landlord Representation. Founded in 2006, Franklin Street has a network of industry-leading brokers and capital partners across the country to ensure exceptional client service. Learn more about Franklin Street.
