By Camelia Bulea, Associate Editor
The 486,896-square-foot retail center in Cedar Park has been bought in a joint venture by Oak Brook, Ill.-based Inland Western Retail Real Estate Trust Inc. and Toronto, Canada-based RioCan Real Estate Investment Trust for $97.6 million.
The 1890 Ranch Cedar Park Texas Shopping Center, developed by Endeavor Real Estate Group, includes tenants like PetSmart, Academy Sports, Cinemark and Ross Dress for Less, according to a news release by Inland Western Retail Real Estate Trust. The acquisition expands Inland Western’s portfolio in Texas to over 10 million square feet. The company showed interest for Cedar Park, as it is located in one of the fastest-growing regions in the country, cited Shane Garrison, chief investment officer of Inland Western, in the news release.
As for the other part of the joint venture, RioCan Real Estate Investment Trust is the largest real estate investment trust in Canada. The company owns and manages 305 retail properties, which is equivalent to approximately 73 million square feet.
In other news, a luxury estate in Spicewood, which was originally evaluated and put on the market for $10.8 million, was recently sold in an auction for $3.3 million, reports The Statesman. The publication also notes that the house has 10 bathrooms, seven bedrooms, a spa, sauna, wine cellar and a waterfall, among its numerous luxurious amenities.
The 12,000-square-foot property is situated on 13.6 acres, on the border of Lake Travis. This is the second house sold in Spicewood this year by the firm conducting the auction, Premiere Estates Auction Co., which in April auctioned a 17,000-square-foot property for $6.3 million. Additionally, Premiere Estates auctioned this month a 26,000-square-foot French-style château in Houston for $3.5 million. Additionally, the auctioning of one of the highest-priced homes in the U.S. will be auctioned. Premiere Estates is preparing the auction of a 10,500-square-foot Malibu estate that had been on the market for $65 million.