CBRE Arranges Sale of Austin Grocery Anchored Retail Center
25 Jan 2018
CBRE National Retail Partners announces the sale of Market at Parmer, a 122,349-square-foot retail center anchored by H-E-B, a leading grocer in South and Central Texas. A Chicago-based institutional investor purchased the asset for an undisclosed price.
Market at Parmer is strategically located at the corner of MoPac Expressway and Parmer Lane in one of the city’s most established, in-fill locations of Austin, surrounded by affluent demographics and a growing population.
It is 95.9 percent occupied by a mix of national retailers, including Pet Supplies Plus, Anytime Fitness and Twin Liquors.
“Texas, and especially Austin, are experiencing unprecedented population growth, but retail expansion remains well below historic norms. This phenomenon is driving occupancy rates to historic levels in Austin, and in turn, driving significant investor interest in existing shopping centers with below market rents,” said Chris Gerard, senior vice president, CBRE. “Many of the leases in Market at Parmer were established in previous cycles and are well below market, offering the buyer an opportunity to capitalize on untapped market rent growth at the retail center.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.