The buildings at 6809 South I-35 total 30,274 square feet and mark Texas Auto’s fourth dealership in Central Texas. The South Austin purchase is one of the most sizable and prominent deals this quarter, showing positive signs for auto dealership and retail real estate sectors that had a rough 2009.
Texas Auto Center’s CEO couldn’t be reached for comment, but brokers working on the deal said the company's parent decided to purchase the property just 45 days into a signed two-year lease agreement due to low interest rates. The agreement signed in June included the right to purchase the property at a set price and Texas Auto Center officially acquired the property in July.
Austin-based SRS Real Estate Partners brokers Todd Wallace and Robert O’Farrell represented the seller, Gillman-Gould Properties, in the transaction. Harry Pokorny of Lone Star Properties represented the buyer, R. Lewis Investments, doing business as Texas Auto Center LP.
“A buyer couldn’t ask for a better location. The land is clearly visible from I-35,” Wallace said. “Because of the numerous retailers in the area, there are extremely high traffic counts which make this particular property extremely desirable.”
In addition to its prime location, the property includes more than 200 feet of frontage along I-35. Neighboring stores include Burlington Coat Factory, HEB, Academy Sports and Outdoors and Target.
Texas Auto Center has two other dealerships in East Austin at 1505 Town Creek and 1637 East Riverside Drive and one at 1612 South I-35 in San Marcos.
The Gillman Companies, a Houston-based, family-owned and operated chain of retail automobile dealerships, closed its only Austin dealership when it shut down its Subaru location. Gillman has 14 locations in Texas including stores in Houston, San Antonio, Fort Bend County and the Rio Grande Valley.