New owners for Westlake-area shopping centerFebruary 2, 2016
A purchase price was not disclosed. In 2015, the shopping center was appraised at $32.3 million by the Travis Central Appraisal District.
“Velocis was able to acquire this ideally located asset through a long-term relationship with the seller,” said Jim Yoder, a 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.”
The 189,340-square-foot center is 98 percent occupied, Velocis said. Anchor tenants include CVS, Michaels, Petco and Stein Mart.