World Class Property Co., a subsidiary of World Class Holdings, has closed on the acquisition of Arboretum Crossing, a regional power center located in Northwest Austin, Texas. The seller is real estate investment trust Kimco Realty Corp., headquartered in New Hyde Park, N.Y.
The 191,760-square-foot retail asset is situated on 20 acres at 9333 Research Blvd., at the intersection of three of Austin’s busiest thoroughfares: Mopac (State Highway Loop 1), U.S. Highway 183 (Research Boulevard) and Capital of Texas Highway (Loop 360). Traffic counts for 2017 show more than 186,000 vehicles per day on U.S. Highway 183 and more than 121,000 on Mopac. Major tenants at Arboretum Crossing include Bed Bath & Beyond, World Market, Mattress Firm, and Ferguson Enterprises.
“Arboretum Crossing is a flagship asset in a prime Austin location with significant barriers to entry,” Nate Paul, president & CEO of World Class, said in a prepared statement. “This is a unique opportunity to reposition a significant shopping center in a highly visible location. This asset has tremendous potential due to its recent vacancy, which allows us to attract the right tenants in a supply-constrained market. Arboretum Crossing is a great fit for our long-term investment horizon in the Austin market.”
The power center currently features an 80,000-square-foot contiguous vacant space, following the bankruptcies of Toys “R” Us and Mattress Pro, and the vacancy of the former Five Below space.
Image courtesy of World Class