Austin Metro Continues To Dazzle Investors
BEE CAVE, TX—The Shops at the Galleria, a fully occupied, 537,684-square-foot regional power center 16 miles southwest of Austin, have sold for an undisclosed price. Oakbrook, IL-based InvenTrust Properties Corp. purchased the asset fromChristopher Commercial Inc.
The asset is located at 12780 Shops Pkwy. along Highway 71 between RR 620 and Bee Caves Rd., and is situated directly across from the Hill Country Galleria. It was completed in 2005 and is occupied by a strong roster of national retailers, including Lowe’s Home Improvement, Home Goods, Michael’s, Marshalls, Old Navy, PetSmart, World Market, Best Buy, ULTA and Office Max.
Disney Investment Group brokered the off-market sale to InvenTrust Properties Corp. This is the fourth transaction the Disney group has completed with InvenTrust. Chris Cozby and Chris Gerard with CBRE represented the seller.
David R. Disney, principal, Disney Investment Group, tells GlobeSt.com: “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.”
The Shops at the Galleria is nestled among many of Austin’s wealthiest and most prestigious neighborhoods and towns, such as West Lake Hills, Bee Cave, Lakeway, Barton Creek and Steiner Ranch. Residents in a five-mile radius of the property earn an average of $145,000 annually with an average housing value of $540,000. The hilly topography is one of the greatest strengths of the nearly 100-acre property, limiting future competition and making it nearly impossible to replicate.