Hank Sells 30,000 Sq. Ft. of Retail Space in Downtown Austin
- Sep 09, 2011
Whit Hanks Properties recently sold a shopping center in downtown Austin to Endeavour Real Estate Group. The 29,739-square-foot shopping center, which is solely dedicated to home furnishings, is considered to be one of the city’s best places for window-shopping.
This is the second retail property sold by Whit Hanks this year. The first one took place in January, when West End, a significant retail node in Austin, was sold to an undisclosed buyer. The 12,795-square-foot property was 100 percent occupied when sold. Although the selling price was not disclosed, the property’s estimated value is about $2.5 million, according to the Travis Central Appraisal District.
Built in 1946 and renovated in 1998, the shopping center was one of Hanks’ most prized possessions in Austin, according to the Austin Business Journal. The publication also reported last year that Hanks Properties found Austin to be one of the top real estate markets in the country, attracting investors that seek to invest in fully leased properties.
Austin is also considered to be one of the best apartment markets in Texas. A new report by Axiometrics Inc. shows that apartment rents rose by 10 percent over the last six months, which is nearly double the national average growth rate of 5.36 percent. The report also mentions that Austin’s occupancy rate reached 95.4 percent, the tightest rate the city has recorded in the last 10 years. This fact explains the accelerated delivery of approximately 50 apartment projects planned in the area.