Marcus & Millichap Secures Shopping in New Braunfels
- Jul 10, 2015
A retail property in New Braunfels has changed ownership with Marcus & Millichap marketing the asset and arranging the sale. Walnut Square Shopping Center has been acquired by a private investment partnership.
Associate vice president investments Chad Knibbe and senior associate Stephen Berchelmann of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, and secured the buyer with a cap rate of 5.7 percent.
Walnut Square Shopping Center is a 95,952-square foot retail center that sits on 11.9 acres at 600 S Walnut Ave. The property is set in the high-growth Comal County submarket area, with access from Interstate 35 which connects New Braunfels to the San Antonio and Austin metropolitan statistical areas.
The retail center was built in phases beginning in 1985.The facility is anchored by At Home (formerly known as Garden Ridge) and its tenant roster includes Chase Bank, AutoZone, and Dollar Tree. The new owner plans to lease the largest vacant space – 31,442 square feet – to a big-box credit tenant. Walnut Square Shopping Center has among its neighbors Walmart Super Center, Lowe’s Home Improvement, Walgreens, Starbucks, and HEB.