Retail | NAI REOC Austin Real Estate Blog

Tech Ridge Center to lose Best Buy

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.

Click to read North Austin store among 50 Best Buys to be closed (Austin American-Statesman, 4-14-12)

Work progressing on Ikea expansion, parking garage

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

New retailers opening at area shopping centers

Two Simon Property Group properties have added several new retailers to its tenant lineup. The Arboretum located at 9333 Research Blvd. in North Austin gained The Orvis Company Inc. (8,800 sf), Blue Baker (6,519 sf) and Z Gallerie Inc. (8,712 sf). Wolf Ranch Town Center located at the southwest corner of Interstate Highway 35 and State Highway 29 in Georgetown announced the addition of Gold’s Gym Express (16,522 sf) and Ross Stores Inc. (27,639 sf).

Click to read full article: New retailers opening at area shopping centers (Austin Business Journal, 2-2-12)

Live Oak-Gottesman buys NW buys NW Austin shopping center

The Shops at Ladera Bend

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.

Click to read full article: Live Oak-Gottesman buys NW Austin shopping center (Austin Business Journal, 1-17-12)

Costco to build store in Cedar Park, officials say

The warehouse membership club chain Costco announced plans to open a store in Cedar Park late next year at Town Center, located at the northwest corner of RM 1431 and Toll 183A. …Read Entire Post

In good sign for local retail market, Wal-mart plans four new Austin-area supercenters

Courtesy Austin American-Statesman

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.

Click to read full story: In good sign for local retail market, Wal-Mart plans four new Austin-area supercenters (Austin American-Statesman, 12-1-11)

Sprouts closing 3 Austin-area stores

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.

Click to read full story: Sprouts closing 3 Austin-area stores (Austin American-Statesman, 11-29-11)

More shoppers, more spending, but no revised holiday spending forecasts

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

Austin firm acquires 3 high-profile downtown buildings

Courtesy American-Statesman

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.

Click to read full article: Austin firm acquires 3 high-profile downtown buildings (Austin American-Statesman, 10-28-11)

1890 Ranch in Cedar Park bought for $97.6M

The 1890 Ranch shopping center in Cedar Park has been acquired for $97.6 million in a joint venture by Illinois-based Inland Western Retail Real Estate Trust Inc. and Canada-based RioCan Real Estate Investment Trust. The 486,896-square-foot shopping center, located near U.S. Highway 183A and FM 1431, is anchored by Academy Sports, Cinemark, PetSmart, Ross Dress for Less and Super Target.

Click to read entire article: 1890 Ranch in Cedar Park bought for $97.6M (Austin Business Journal, Austin Blogs, 10-24-11)

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