Exxon Mobil confirms ownership of prized Lake Austin tract

Sep 10, 2013
Austin American Statesman

After a quarter-century under wraps, the ownership of 145 acres of prime land on Shepherd Mountain is a mystery no longer


Exxon Mobil confirmed Monday that it owns the property, which went on the market last week. The land, on a bluff near Loop 360 and Courtyard Drive and west of the Penneybacker Bridge, is one of the last few undeveloped tracts along Lake Austin


“We do own the property,” Alan Jeffers, media relations manager for Exxon Mobil Corp. in Irving, told the American-Statesman. “We purchased it as a site for a potential development that didn’t proceed, and now we’ve decided to market it.”


Jeffers said the decision to sell is a result of ExxonMobil’s ongoing process of re-evaluating its real estate holdings


“We continuously assess our portfolio of assets and make investment and divestment decisions. We have a disciplined process we follow, and this would be a result of that process,” Jeffers said. He also noted Austin’s “very strong” real estate market.


The property has been coveted by developers and others over the years. The offering is expected to generate high interest, including among developers and high-net worth individuals, real estate observers say


Travis County deed records and records with the Travis Central Appraisal District show the bulk of the land was purchased in the late 1980s by an entity called Camelback Corp., with subsequent acreage purchased in the early 1990s. Camelback Corp. recently was converted to a new entity, 360 Camelback LLC, according to Texas Secretary of State records


David Armbrust, an Austin real estate attorney, said last week that he is president of the Camelback entity, but for 25 years he has never divulged who controls Camelback


Last week, Jones Lang LaSalle’s Jeff Pace and Ryan Bohls launched an extensive marketing and advertising campaign to expose the property to potential buyers locally, nationally and internationally


The 145 acres are appraised at $9.22 million by the Travis Central Appraisal District. The current annual tax bill for the land totals more than $218,000


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