Anchors and Location Prove Pivotal in SaleFebruary 3, 2016
AUSTIN, TX—Proving that retail anchors aren’t called anchors for nothing, one of Austin’s best known and iconic retail properties, West Woods Shopping Center, a 189,340-square-foot center in West Lake Hills, a highly desirable Austin submarket, has been sold for an undisclosed price. The buyer was Global Retail Investors LLC, an affiliate of First Washington Realty Inc. Velocis, a private equity real estate manager, was the seller.
“Velocis was able to initially acquire this ideally located asset through a long-term relationship with the seller,” said Jim Yoder, Velocis principal.
Velocis purchased the retail asset in 2012 and invested in signage upgrades, landscaping and parking lot improvements. The property is located at the prominent intersection of Bee Caves Road and Walsh Tarlton Lane. The retail site’s coveted location offers a stable customer base in the heart of two upscale Austin neighborhoods, West Lake Hills and Rollingwood. Anchored by Stein Mart, Michaels, Petco and CVS, West Woods also includes a variety of local and national shops and restaurants. The property is 98% leased.
Yoder tells GlobeSt.com: “Since purchasing West Woods in 2012, Velocis has focused on identifying opportunities to unlock value in this asset. By executing our strategy, we ultimately exceeded our goals for the investment.”
HFF’s Jim Batjer and Barry Brown brokered the sale on behalf of Velocis. Lincoln Property Company provided property management services and Bryan Dabbs of BKD Realty handled leasing for West Woods.
Dallas-based Velocis has been active in real estate investment since 2011, purchasing 20 assets located in Texas, Colorado, Georgia, Florida, Arizona, Virginia and North Carolina. Velocis is led by a team of five principals who are directly responsible for the acquisition, asset management and disposition of assets. Joining Yoder as principals are Fred Hamm, Mike Lewis, Paul Smith and David Seifert.