AUSTIN, Texas — The lot beneath the Chili’s at 45th Street and North Lamar Boulevard is on the market.
Global Commercial Real Estate Services (CBRE) has listed the Chili’s ground lease site for sale, along with an adjacent retail property at 4400 North Lamar Blvd. The two properties may be purchased together or separately, according to the listing.
ALSO | Hutto kindergarten teacher surprised with $25,000 Milken Educator Award
CBRE described the roughly 38,500-square-foot ground lease site at 4420 North Lamar Blvd. as an opportunity for an investor seeking “future repositioning, redevelopment flexibility, or long-term control of a premier infill site.” The 5,380-square-foot building has been in continuous operation since it was constructed in 1999.
“The lease has three (3) years remaining on its current term with no renewal options,” CBRE said.
A CBRE spokesperson provided the following statement:
“Chili’s currently has a ground-lease lease that runs through most of 2029 with no option to renew. Chili’s can negotiate a new lease with new building ownership when the time comes. Any future negotiations for the tenant to remain will be subject to the new owner’s goals.”
BE THE FIRST TO COMMENT
The adjacent parcel features approximately 8,918 square feet of retail space on a 1.16-acre lot.