Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of The Shops at East Park, a 19,338-square foot retail property located in Cedar Park, Texas, according to Mark R. McCoy, Regional Manager of the firm’s Fort Worth office.
Philip Levy, Senior Managing Director Investments in Marcus & Millichap’s Dallas Office, with Chris Gainey, First Vice President Investments and Parker Yates, Associate in Marcus & Millichap’s Fort Worth Office, exclusively marketed the property on behalf of the seller, a private investor. This was a first-time shopping center acquisition for the buyer group, who was a private investment partnership based in Dallas, and was also sourced by Mr. Levy, Mr. Gainey and Mr. Yates.
The Shops at East Park consists of two multi-tenant buildings totaling 19,338-square feet, situated on a 2.35-acre lot in the desirable Austin suburb of Cedar Park, Texas. The buildings are newer 2014 construction with attractive architectural details, and the property has a spacious concrete parking lot. The center is currently 94 percent occupied with triple-net leases, providing some upside potential in leasing the vacant suite. Additionally, 70 percent of the gross leasable area has rent escalations remaining during the primary term. Tenants are a complementary mix of restaurants and services, including Blooming Dental, Master Yang’s Karate Studio, Vista Donuts, Local Slice Pizza, Tropical Snow, Scoop & Score Ice Cream Shop, Omnibarre, Block Cycle, Sassy Nails, and Mindworx.
The subject property is located on the signalized, hard corner of North Vista Ridge Boulevard and East Park Street. Cumulative traffic counts are approximately 14,500 vehicles per day. Located in a dense residential neighborhood, the population exceeds 63,340 residents within a three-mile radius and 211,900 residents within a five-mile radius. The Shops at East Park benefits from close proximity to several school campuses: Vista Ridge High School, Henry Middle School, and Reagan Elementary School.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
