Retail Properties made the announcement Feb. 20. The sale transfers ownership of Town Center’s 42 acres, located at the northwest corner of Toll 183A and Whitestone Boulevard. The shopping complex is comprised of about 181,000 square feet of retail and restaurant space. It includes large retailers Costco and At Home; freestanding restaurants such as In-N-Out Burger and BJ's Brewhouse; and two strip centers with clinics, shops and restaurants.
In 2011, Ainbinder Company CEO Michael Ainbinder proposed the commercial development at Town Center. Costco opened in November 2013 and more openings quickly followed throughout winter and summer 2014.
Future Town Center openings include fast-food chicken restaurant PDQ on Feb. 22, Lupe Tortilla in May and more shops in newer retail strips that are located between Toll 183A and Costco.
In a Feb. 20 statement, Michael Hazinski, vice president of investments with Retail Properties of America, said Town Center's position makes it one of the most desirable submarkets in the Austin area.
“With strong demographics and high-barriers to entry, we are excited to add Cedar Park Town Center to our Austin portfolio which now totals almost 400,000 square feet,” Hazinski said.
Retail Properties of America owns three other existing shopping centers in Central Texas, including H-E-B-anchored Shops At Forest Commons on Gattis School Road in Round Rock, Rivery Towne Crossing between I-35 and Wolf Ranch Parkway in Georgetown, and Target South Center southwest of MoPAC and Hwy. 290 in Austin. The company is based in Oak Brook, Ill.