CBRE Capital Markets Brokers Austin Retail Asset Acquisition
AUSTIN, Texas – January 27, 2016 – CBRE Capital Markets’ Investment Properties announces the sale of The Ridge, a 19,300-square-foot, multi-tenant retail center in Austin, Texas. A Dallas-based private investor purchased the asset from Austin-based SRS Real Estate Partners for an undisclosed price.
The Ridge is a fully occupied, two-building retail center at 12601 Tech Ridge Boulevard, in the north Austin technology corridor. The retail asset serves surrounding multifamily and single-family neighbors, as well as employees and visitors of the one-million-square-foot GM & Dell campus across the street. It is also in the immediate vicinity of PARMER, a 300-acre, Class A master-planned corporate office park currently under development by Karlin and Trammell Crow Company.
Notable tenants include Sherwin Williams, Fred Loya Insurance, Little Woodrow’s and Brooklyn Pie Co. The asset is shadow-anchored by Walgreens.
“The recent opening of Little Woodrow’s at The Ridge will have a positive impact on the center. The popular bar should increase customer traffic and provide a benefit to the co-tenants. The location is strong with large area employers, existing apartments, and future commercial and residential development,” said Logan Reichle, Associate, CBRE.