Photo by Leslee BassmanHill Country Galleria sold Sept. 12 to California State Teachers Retirement System.
The Hill Country Galleria was sold Sept. 12 by Real Estate Investment Trust Inc. to California State Teachers Retirement System, or CALSTRS, said Bee Cave Interim City Manager Travis Askey.
"We think [CALSTRS] will do great things as the owners of the mall and will continue to push it to ever higher levels, building on its present success," said Adrian Overstreet, Hill Country Galleria LLC Managing Partner, in an email to city staffers.
Askey said Overstreet will retain his ownership in the Sonesta Hotel and office building under construction, undeveloped lots, and former Los Cucos Restaurant and VFW tracts. He said Bee Cave City Council was advised of the sale in writing on Sept. 15.
The council approved the transfer of ownership during their regularly scheduled meeting on Sept. 23.
CALSTRS Media Relations Manager Mike Sicilia confirmed the transaction occurred last week.
"We think [the Hill Country Galleria] is a great investment—that's why we bought it," he said.
Sicilia said the Hill Country Galleria will join CALSTRS real estate portfolio valued at $22 billion. He said the organization is worth $188 billion in total investments and is the second largest pension group found in the United States.
United Commercial Realty Asset Services, or UCR, took over management of the Hill Country Galleria development from REIT on Sept. 12, property manager Courtney Bunte said.
Askey said city staff met with UCR on Sept. 16 about the transition.
"It's good news," Askey said. "Having gone through a previous transfer of ownership [for the Hill Country Galleria] under much more difficult circumstances, we're excited about moving forward with the new management and ownership."
Peloton Commercial Real Estate will manage the project's office leasing.
