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4/20/22
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LA-based BH Properties has acquired Round Rock Crossing, a 245.6k sf strip retail center in the Round Rock suburb of Austin, TX. Built from 2004 to 2006, the eight-building property is located within a major retail corridor in the southeast quadrant of the intersection of I-35 and State Highway 45 Toll Rd.
Round Rock Crossing is currently 52% occupied by 18 tenants, including Best Buy, Michael’s, Dollar Tree, Vitamin Shoppe, Five Guys and Salons by JC. Shadow-anchored by a Target, the center is situated on 31.54 acres, 5.4 of which are undeveloped allowing for an additional phase of development.
Following major store closings and tenant bankruptcies, its occupancy dropped to an historical low. The property was foreclosed on in May 2021 and brought to market for sale in November 2021 by order of the special servicer. BH was then able to acquire the institutional quality retail center located in one of the highest growth metro areas in the country, where value-add opportunities are few and far between, according to Scott Henry, BH Properties’ Managing Director of Acquisitions in Dallas.
“While Round Rock Crossing fell on hard times during the pandemic, the fundamentals are still very solid,” said Henry. “At our cost basis, we can offer attractive lease terms to new tenants and revitalize the center, which serves almost 300,000 residents within a five-mile radius.”
Mart Martindale and Brandon Beeson with Edge Realty Partners represented the undisclosed seller in the transaction.
Round Rock Crossing adds to BH Properties’ two million-square-foot portfolio in Central and Southern Texas. BH Properties, which has approximately 40% of its 10 msf commercial and industrial real estate portfolio in the Lone Star State, has been particularly active in Central and Southern Texas over the past 24 months having invested in excess of $100 mil on office, industrial and retail assets. The company recently opened a regional office in Houston to manage its growing portfolio.
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