Investor puts big Yodle building in North Austin on the market

Oct 10, 2014
Austin Business Journal

The office building where Yodle Inc. employs 550 people in North Austin was put on the market this week by Los Angeles-based Karlin Real Estate

Austin Business Journal reporter Christopher Calnan coincidentally spoke with Yodle CEO Court Cunningham this week about the company’s aggressive expansion plans

Co-listing broker Mark Emerick of CBRE Group Inc. confirmed that the two-building, single-story property which Yodle leases at 12234 N. I-35 is for sale. John Barksdale is the other CBRE broker involved

Emerick said interest is significant already in the office structure dubbed "Plaza 35," but a deadline for offers has not be determined. The building sits on the west side of I-35 between Braker and Yager lanes

At last count, Yodle occupies about 100,000 square feet

Though Emerick declined to disclose the other tenants, a previous Austin Business Journal article notes that VirTex Assembly Services and Logisticare Solutions LLC are also at that location

Karlin, which is embarking on a massive development nearby in partnership with Trammell Crow Co., likely is taking advantage of the fact that commercial property is in high demand in Austin and this property now is 100 percent leased. It’s also more affordable for investors and tenants than upscale offices downtown, near The Domain in North Austin or to the west and southwest of the Central Business District, Emerick said

Karlin has owned the property for less than two years

Records at the Travis Central Appraisal District show that it most recently was valued at $15.1 million. Its appraised value has been all over the board in recent years — $15.3 million in 2010, $8.5 million in 2011 and $11.8 million in 2012. The price Karlin paid for it in early 2013 is unknown. Texas is a non-disclosure state, so sales prices do not need to be publicly revealed

The property was completed in 2000, according to the sales brochure. The site area is 19.4 acres. Parking is ample

Yodle’s lease appears to be for about another seven years based on the marketing information

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