Apple buys Austin land from McShane

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Apple Inc. is one step closer to making good on its plans to bring 3,600 new jobs and invest more than $300 million in Austin.

Jan Buchholz

Staff Writer- Austin Business Journal

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Apple Inc. is one step closer to making good on its plans to bring 3,600 new jobs and invest more than $300 million in Austin.

Records at the Travis County Clerk’s Office show that McShane Development Co. LLC, through its Riata Vista LP entity, sold three tracts of land to Apple on June 21. The exhibits indicate that the land is in the Milwood Section 20 subdivision near Parmer Lane and Delcour Drive.

McShane owned the land in partnership with MetLife Real Estate Investments. Click here for a map and photos of the Apple site.

It’s unknown how much Apple (Nasdaq: AAPL) paid for the land or how many acres it bought, but officials at two real estate brokerages, which did not want to be identified, confirmed that the long awaited deal had closed.

The Austin Business Journal previously reported that Apple planned to expand its current campus in Northwest Austin by 1 million square feet on 38.8 acres of land.

Neither Apple nor McShane returned phone calls asking for comment.

McShane, however, alluded to the deal in a news release it distributed July 17 announcing the promotion of Joseph Llamas to vice president of McShane Development Co., which is based here in Austin. McShane Cos., the parent company, is headquartered in Chicago.

In that statement, CEO James McShane praised Llamas.

“His knowledge and skillful execution of the recent sale of the Riata Vista business park to one of the world’s largest technology companies affirmed his ability to navigate through the myriad of complexities to execute a transaction of this size and caliber,” McShane said.

In addition to the special warranty deed that was recorded, there were two releases of lien documents related to the transaction that were filed after the property conveyance.

Those records indicate that Riata Vista LP had signed promissory notes in 2009 and 2007 to Bank of America N.A. for loans of $9.3 million and $11.8 million, respectively. Both liens were released.

Apple has secured about $37 million in incentives from local and state governments.

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