By Anca Gagiuc, Associate Editor
Austin, Texas—CBRE Capital Markets’ National Retail Investment Group, together with Disney Investment Group, announced the sale of The Shops at the Galleria located in Bee Cave, outside of Austin. The financial details of the transaction were not disclosed.
Chris Cozby and Chris Gerard with CBRE represented the seller, Christopher Commercial Inc. of Austin. Dallas-based Disney Investment Group procured the buyer and brokered the off-market sale to Oak Brook, Ill.-based InvenTrust Properties Corp, marking the fourth transaction between the two firms. The property was 99 percent leased at the time of the sale.
“The Shops at the Galleria has consistently been a top-performing Power Center in the Austin area. The property’s infill location in the Hill Country combined with its quality tenancy and below-market rents make it one of the most attractive retail investments available in Texas this year,” said Chris Gerard, senior vice president, CBRE.
“Shops at the Galleria is a fantastic, high-performing shopping center that could not be duplicated today in Bee Cave. This off-market sale to InvenTrust is another example of the continued insatiable investor demand for large-scale, high-quality retail assets located in the supercharged Austin market. The acquisition of Shops at the Galleria will serve InvenTrust very well for many years to come,“ added David Disney, principal at Disney Investment Group.
The regional power center, completed in 2005, sits on approximately 100 acres at 12780 Shops Parkway in Bee Cave, Texas, approximately 16 miles southwest of the Austin Central Business District. Among the tenants are Lowe’s Home Improvement, Home Goods, Michael’s, Marshalls, Old Navy, PetSmart, World Market, Best Buy, ULTA and Office Max.
Image courtesy of Christopher Commercial Inc.