First Washington Realty Heads Into the (West) Woods
- Feb 03, 2016
By Anca Gagiuc, Associate Editor
Austin, Texas—Global Retail Investors LLC, an affiliate of First Washington Realty Inc. has acquired West Woods Shopping Center, an 189,340-square-foot center in West Lake Hills. The seller was Dallas-based Velocis, a private equity investment manager, which had owned the asset since 2012. Terms were not disclosed.
“Velocis was able to acquire this ideally-located asset through a long-term relationship with the seller,” said Jim Yoder, Velocis’ principal. “Over the course of our ownership, we unlocked its value by investing in property improvements and through strategic leasing and management efforts. As a result, we were able to substantially exceed our goals for the investment.”
After acquiring West Woods, Velocis invested in signage upgrades, landscaping and parking lot improvements. At the time of the sale, the property was 98 percent leased.
West Woods Shopping Center sits at 3201 Bee Cave Rd, at the intersection of Bee Caves Road and Walsh Tarlton Lane, conveniently located in the heart of the West Lake Hills and Rollingwood neighborhoods. The property is anchored by Stein Mark (41,148 square feet), Michaels (17,624 square feet), Petco (11,180 square feet), and CVS (8,640 square feet).