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Cresa principal Scott Bumpas confirmed the company will put out an offering memorandum by mid-October for the Four Points campus near Ranch to Market 2222 and Ranch Road 620. Four Points houses more than 1M SF of office and manufacturing, including Minnesota-based materials company 3M. Late last month, 3M confirmed its plans to sell. The site is worth more than $200M.
The 157-acre plot has entitlements for an additional 1.1M SF building. The new buyer will have the option to develop out an additional building and lease to multiple tenants.
The project has covered parking spaces and about 10 additional acres of commercial land adjacent to the campus. But the real kicker is that the project has its own utility facility. The 54k SF building provides electricity to tenants off the Austin power grid.
3M is willing to stay on campus and lease space from the new owner.
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