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4/05/16
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Oakbrook, IL-based InvenTrust Properties Corp purchased The Shops at the Galleria, a fully occupied, 537.7k sf regional Power Center in Bee Cave, TX, outside of Austin. The asset was sold by Christopher Commercial Inc.
The asset is located at 12780 Shops Pkwy, approximately 16 miles southwest of the Austin Central Business District. It was completed in 2005 and is 100 percent 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.
The Shops at the Galleria is nestled among many of Austin’s wealthiest and most prestigious neighborhoods and towns, including 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.
Chris Cozby and Chris Gerard with CBRE represented the seller. The price was not disclosed.
“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 Gerard, Senior Vice President, CBRE.
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.
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