Oxford Properties Makes 1st Open-Air Retail Acquisition

December 18, 2025

Investment Austin News Retail More Southwest

Washington Prime Group sold both assets, which total 1 million square feet.

Oxford Properties, with joint venture partner Pine Tree, acquired Wolf Ranch Town Center and Lakeline Plaza in the Austin, Texas, metro area. The partnership paid $250 million for the portfolio, PERE first reported. Washington Prime Group sold both properties and Newmark brokered the transaction.

This transaction marks Oxford’s debut into the U.S. open-air retail sector, as well as its first collaboration with Pine Tree.

The portfolio totals approximately 1 million square feet. Wolf Ranch and Lakeline Plaza are both power centers, located in Georgetown and Cedar Park, Texas, both submarkets of Austin. Lakeline Plaza spans 386,000 square feet while Wolf Ranch totals 633,000 square feet.

Both assets are 99 percent leased to national tenants. The portfolio features retailers such as Target, Best Buy, TJ Maxx and Ulta Beauty. Yardi Matrix lists additional tenants at Wolf Ranch, including Old Navy, Legend Dental & Orthodontics and Loft. Pine Tree will operate both shopping centers on behalf of the partnership.

This acquisition comes as Washington Prime Group sells its assets across the country after filing for Chapter 11 bankruptcy in 2021. While the company has sold these assets, WPG still owns The Arboretum and Gateway Shopping Center in Austin’s northeast submarket totaling about 679,000 square feet across the two properties, Yardi Matrix shows.

Wolf Ranch Town Center is at 1015 W. University Ave. and Lakeline Plaza can be found at 11066 Lakeline Mall Drive, 19 miles away from each other. Both assets have access to Interstate 35 and are within 27 and 17 miles of downtown Austin.

Newmark’s Conor Lalor, head of retail capital markets, and Kyle Minter, senior managing director, brokered the transaction.

Retail capital markets activity up 29 percent since 2024

According to Newmark’s U.S. Retail Market Conditions and Trends report, approximately $16.1 billion in assets traded in the third quarter alone, an increase of 43 percent from the same period last year. Retail capital markets activity is up 29 percent from 2024, as a total of $45.8 billion traded year-to-date through September, the same report shows.

Texas remains popular for retail investments across all major metros. Earlier this week, Sterling Organization sold Park North Shopping Center in San Antonio. Dhanani Private Equity Group purchased the 635,000-square-foot open-air retail center for $115 million. Also, Bain Capital with 11North Partners closed on a $1.6 billion capital raise which is being used to invest in open-air shopping centers across the U.S. and Canada.