CBRE Arranges Sale of H-E-B-Anchored Retail Center
- Jan 30, 2018
CBRE National Retail Partners facilitated the sale of Market at Parmer, a H-E-B-anchored retail center located at the corner of MoPac Expressway and Parmer Lane in Austin, Texas. The buyer is a Chicago-based institutional investor.
The 122,349-square-foot property was 95.9 percent occupied at the time of the transaction. The diverse tenant roster includes national retailers such as Pet Supplies Plus, Anytime Fitness and Twin Liquors. Many of the lease agreements at Market at Parmer were established in previous cycles and are well below market, offering the buyer an opportunity to capitalize on untapped market rent growth at the retail center.
“Texas, and especially Austin, are experiencing unprecedented population growth, but retail expansion remains well below historic norms. This phenomenon is driving occupancy rates to historic levels in Austin, and in turn, driving significant investor interest in existing shopping centers with below market rents,” said Chris Gerard, senior vice president, CBRE.
Chris Cozby, Chris Gerard and Blaine Dozier of CBRE National Retail Partners represented the undisclosed seller.
Image courtesy of CBRE