Kim Gatley Sr. Vice President & Director of Research NAI REOC Austin (bio) Got a Commercial Real Estate Need or Question? Ask One of Our Trusted Advisors
Earlier this month, Best Buy announced the closure of 50 store locations in an effort to trim $800 million in costs. The Best Buy at Tech Ridge Center, located on Interstate 35 near Parmer Lane, has been targeted for closure later this year. To streamline business and reduce costs, Best Buy plans to open smaller, more profitable Best Buy Mobile stores.
Work is under way to add 54,000 square feet to the already cavernous 252,000-square-foot home furnishings store, with completion expected early this summer. A 300-car parking garage is being built to offset spaces lost to the expansion and should be ready by April, an Ikea spokesman said. There will be 1,200 parking spaces once the garage opens — the same number the store had before. …Read Entire Post
Live Oak-Gottesman LLC purchased The Shops at Ladera Bend (7300 RM 2222) in Northwest Austin from Wells Fargo on Friday for an undisclosed amount.
Live Oak-Gottesman plans to lease and manage the property. Retail spaces ranging from around 1,050 square feet to 13,000 square feet are available for lease. Current tenants include Collins Endodontics and Anytime Fitness.
In a healthy sign for the Central Texas retail market, Wal-Mart Stores Inc. says it plans to build four new supercenters in the area, with locations in Cedar Park, Manor, Kyle and Elgin.
Each store will be 150,000 square feet and employ about 300 associates, creating about 1,200 jobs, company officials said. The stores in Kyle, Elgin and Manor will be Wal-Mart’s first entry into those markets. The supercenter planned for Cedar Park would be the second for that area northwest of Austin.
The announcement by the nation’s largest retailer is one of the strongest indications yet that the retail market could be picking up in Central Texas after shoppers reined in spending during the downturn.
Sprouts Farmers Market is shuttering three Austin-area stores, saying that a recent merger left the natural foods chain with too many locations packed too closely together. The stores at 2917 W. Anderson Lane (Hillside Shopping Center), 2805 Bee Cave Road (Shops at Mira Vista) and 5601 Brodie Lane (Sunset Valley Village) will all close by Dec. 18, Sprouts President Doug Sanders said.
Shoppers lured by deep discounts and early store openings sent sales over the four days starting on Thanksgiving soaring 16.7 percent over the same period a year ago to $52.4 billion, according to the National Retail Federation. …Read Entire Post
An Austin-based firm that specializes in acquiring “undervalued real estate assets” confirmed Friday that it has purchased three high-profile downtown area properties. World Class Capital Group, led by President and CEO Nate Paul, is the new owner of the La Zona Rosa building, as well as buildings that housed a pair of now-closed restaurants, Spaghetti Warehouse and Katz’s Deli.