Regency Nabs Austin’s 187 KSF Tech Ridge Center
- Sep 29, 2011
September 29, 2011
By Nicholas Ziegler, News Editor
Investors are starting to feel good about shopping centers again. Hot on the heels of Saul Centers Inc. purchasing three grocery-anchored spaces in the Washington, D.C., area for $168.5 million and DDR Corp. spending $85 million for two centers in the Charlotte area – both deals completed in the last week – Regency Centers has announced that it closed on the acquisition of Tech Ridge Center, a 187,529-square-foot shopping center anchored by grocery chain H-E-B.
While purchase prices were not disclosed, the deal likely follows similar financial terms to the other recent retail purchases nationwide. The 93-percent-occupied center is located 10 miles northeast of downtown Austin, Tex.
“Tech Ridge Center has the key attributes of a market-dominant anchor, infill location and population density that are consistent with Regency’s portfolio,” Stuart Brackenridge, vice president of transactions for Regency, said. “This acquisition underscores our active pursuit of top-tier grocery-anchored centers.”
Austin, like most of Texas, has seen strong employment numbers – a trend not mirrored by the rest of the country. According to a report by Marcus & Millichap, employers in most of the city’s sectors have expanded staff levels during the first six months of 2011, recouping all jobs lost during the recession, with the addition of 3,400 new jobs in the education and health-services sectors combined. Total employment is expected to increase by more than 23,000 in the calendar year.