CBRE Group Handles Two Retail Transactions in Austin
- Aug 10, 2012
Two shopping centers in the Austin area totaling 91,500 square feet have recently changed hands. RPS Partnership recently sold the 69,000-square-foot Baron’s Creek shopping center in Fredericksburg for an undisclosed price. The shopping center includes tenants such as Beall’s, Dollar Tree and AT&T.
The buyer, El Paso-based Mimco Inc., is a real estate investment company with an impressive portfolio in Texas and New Mexico that includes over 320 retail and office/warehouse properties. CBRE Group Inc. in Austin represented the seller. First Vice Presidents Cathy Nabours and Walter Saad handled the transaction, according to the Austin Business Journal.
The second retail transaction took place in Killen, where the 22,500-square-foot Killeen Marketplace was purchased by Morris Venture Partners in California for an undisclosed price. New York-based Kimco Realty Corp., the seller of the retail property, owns and operates North America’s largest portfolio of neighborhood and community shopping centers, according to its website.
Cathy Nabours and Walter Saad handled the transaction by representing the seller, as reported by the Austin Business Journal.
According to a recent Marcus & Millichap report on Austin’s retail market, analysts believe that the booming technology industry will continue to be a major catalyst in the local retail market recovery. The report states that builders will complete 930,000 square feet of retail space this year and retailers will absorb 1.1 million square feet of space, the largest annual figure since 2007.
Investors will remain focused on Austin’s retail offerings in 2012, though single-tenant deal flow could continue to slip. In the multi-tenant area, buyers are more willing to purchase smaller centers to meet investment goals. Older multi-tenant properties in densely populated areas will grow in popularity among investors, the report adds.
Photo rendering of the Baron’s Creek Shopping Center, courtesy of Loop Net
Charts courtesy of Marcus & Millichap
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