Illinois-based real estate firm buys The Parke in Cedar ParkEven prior to its official opening last spring, national retail names such as Dick’s Sporting Goods, Starbucks and Petco opened one after another inside The Parke shopping center in Cedar Park.

Retailers like these made the property an “excellent fit” for the portfolio of real estate company InvenTrust Properties Corp., which purchased The Parke in August, said Lance Billingsley, the company’s senior vice president of leasing.

InvenTrust, an Illinois-based firm, bought the 404,000-square-foot shopping center from Austin-based Endeavor Real Estate Group for approximately $112.25 million, according to a statement released by InvenTrust on Aug. 22.

“The Parke represents a truly unique opportunity to secure an A+ asset in one of InvenTrust’s core markets, Austin,” Billingsley said. “This property represents the type of high-quality assets InvenTrust will continue to invest in as we execute on our portfolio transformation strategy.”

Endeavor, a full-service commercial real estate group that also created The Domain in Austin and 1890 Ranch in Cedar Park, declined to comment to Community Impact Newspaper for this story. Endeavor developed The Parke, which is located near East New Hope Drive and Toll 183A.

“The Parke is also located at a strong retail corridor in one of Austin’s most affluent and fastest-growing suburbs,” said Michael E. Podboy, InvenTrust’s executive vice president, chief financial officer and chief investment officer, in the company’s Aug. 22 statement.

As of Oct. 17, 35 out of 40 retail spaces at The Parke were occupied by retailers, including the shopping center’s anchor, 365 by Whole Foods Market, according to InvenTrust’s website. Tenants range from national chains, such as Petco and Forever 21, to regional brands, such as Freebirds World Burrito.

“Some of [the stores at The Parke] really are almost kind of destination-type retailers, where people will drive from out of town to come and shop at [them],” said Phil Brewer, director of economic development for the city of Cedar Park. “That drives initial sales tax into the city, which helps us continue to maintain a low property tax rate and lower our property tax rate.”

Brewer said the recent sale was typical for developments like The Parke, which often sell to real estate investment trusts in three to five years after opening. He said the shopping center’s “high level” of tenants accelerated the ability for the property to sell.

Freebirds General Manager Lindsey Asencio said her restaurant has not been affected much by the sale of the development.

“The shopping strip was doing great prior and has been consistent despite the change of ownership,” she said. “The shopping center is always packed, especially on the weekends.”

Jennifer Sandoval, the area director for Quick Weight Loss Centers, agreed that business has continued as usual. Quick Weight Loss opened in The Parke in August, shortly before the property shifted hands in what Sandoval described as a “smooth” transition.

Austin-based company Twin Liquors also has a location in The Parke that opened in April.

“We have enjoyed working with Endeavor on this and many other projects and look forward to a good relationship with InvenTrust,” Twin Liquors President David Jabour said.

There are several retailers interested in the remaining five spaces open at The Parke as of Oct. 10, InvenTrust Director of Marketing Lisa Alexander said.
Billingsley said InvenTrust does not anticipate any construction on The Parke in the “near future” since the shopping center is so new.

Illinois-based real estate firm buys The Parke in Cedar Park

The Parke Directory

The majority of retailers inside The Parke shopping center have already opened their doors, and several others plan to open soon. The Parke is located at 5001 Toll 183A, Cedar Park, and this directory includes each business’s suite number.

1. Dick’s Sporting Goods and Field & Stream
Ste. N100/200 | 512-528-0091
Opened in March

2. Petco
Ste. M100 | 512-690-9496
Opened in April

3. Fantastic Sams
Ste. L400 | 512-986-4148
Opened in August

4. Quick Weight Loss Centers
Ste. L300 | 512-768-8735
Opened in August

5. Palm Beach Tan
Ste. L200 | 512-528-0233
Opened in March

6. Orangetheory Fitness
Ste. L100 | 512-807-0402
Opened in July

7. Tuesday Morning
Ste. J100 | 512-244-1018
Opened in June

8. Buy Buy Baby
Ste. I100 | 512-690-2570
Opened in September

9. Cost Plus World Market
Ste. H100 | 512-690-2568
Opened in September

10. Available

11. Maurices
Ste. G500 | 512-808-9466
Opened in August

12. Available

13. Club Pilates
Ste. G400 | 512-399-5212
Opening in November

14. Available

15. Bath & Body Works
Ste. G100 | 737-843-3008
Opened in August

16. F21red by Forever 21
Ste. F200 | 512-382-2614
Opened in July

17. Old Navy
Ste. F100 | 512-528-0509
Opened in April

18. Michaels
Ste. E100 | 512-337-4985
Opened in April

19. Marshalls
Ste. D100 | 512-260-7362
Opened in April

20. DSW Designer Shoe Warehouse
Ste. C2100 | 512-690-5005
Opened in April

21. Nordstrom Rack
Ste. C1100 | 737-843-3100
Opened in April

22. ULTA Beauty
Ste. B2100 | 512-259-1446
Opened in April

23. Available

24. Talbots
Ste. B1200 | 512-379-5509
Opened in August

25. Beverly Hills Rejuvenation Center
Ste. B1100 | 512-710-3800
Opened in July

26. 365 by Whole Foods Market
Ste. A100 | 512-690-2605
Opened in April

27. Starbucks
Ste. S100 | 512-621-4039
Opened in March

28. Care Now Urgent Care
Ste. R100 | 512-595-7000
Opened in August

29. Capitol Wireless
Ste. R200 | 512-212-7189
Opened in May

30. Walden Dental
Ste. R300 | 512-337-8562
Opening in October

31. Pro Nails & Spa
Ste. R400
Coming soon

32. Freebirds World Burrito
Ste. R500 | 512-572-0870
Opened in July

33. Potbelly Sandwich Shop
Ste. R600 | 512-817-5047
Opened in March

34. Red Robin Gourmet Burgers and Brews
Ste. Q100 | 512-782-8780
Opened in September

35. Chuy’s
Ste. P100 | 512-260-7775
Opened in January

36. Mattress Firm
Ste. O100 | 737-205-1034
Opened in March

37. Massage Heights Body + Face
Ste. O200 | 512-387-9840
Opened in August

38. Twin Liquors
Ste. O300 | 512-260-7960
Opened in April

39. Available

40. Amplify Federal Credit Union
Ste. O500 | 512-519-5452
Opened in June

Inven Trust’s portfolio

Retail real estate company InvenTrust Properties Corp. owns shopping centers like The Parke across the country. InvenTrust owns eight properties in the Austin area, including:|
• University Oaks in Round Rock
• Market at Westlake in West Lake Hills
• West Creek in Austin
• Shops at the Galleria in Bee Cave
• Scofield Crossing in Austin
• Walden Park in Austin
• Kyle Marketplace in Kyle
• The Parke in Cedar Park