Prime retail center near Westlake sells to giant conglomerateFebruary 1, 2016
The property is in the Westlake neighborhood and includes tenants such as SteinMart, Petco, CVS Pharmacy and Michaels. It was 98 percent occupied at the time of closing.
Global Retail Investors is a partnership of First Washington Realty Inc. and CalPERS, the giant pension fund.
The seller was Velocis, a Dallas-based private equity real estate fund manager, which had acquired the property in 2012.
“Over the course of our ownership, we unlocked its value by investing in property improvements and through strategic leasing and management efforts,” said Jim Yoder, Velocis principal.
In fact, the year that Velocis purchased the property from TR Austin Retail Corp., it was valued at $18,675,000, according to the Travis Central Appraisal District. Last year, TCAD valued the 189,340-square-foot center at $32,288,386.
Built in two phases — in 1981 and 1992 — the shopping center is spread out over some 13 acres.
HFF Inc. represented Velocis in the sale. Lincoln Property Co. handled property management and Bryan Dabbs of BKD Realty leased it.