Even 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.
Business
Illinois-based real estate firm buys The Parke in Cedar Park
Illinois-based real estate firm buys The Parke in Cedar Park
AB
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