posted on March 04, 2011 01:27
A joint venture has acquired 332,845 square feet in The Shops at Tech Ridge, north of Parmer Lane fronting I-35 in Austin.
Miami-based Global Fund Investments LLC and investment manager Investcorp of New York purchased the center built in 2003 for an undisclosed price from Prudential Real Estate Investors and Developers Diversified Realty. The development is 84 percent occupied and anchored by a SuperTarget. Other occupants include Best Buy, Toys ‘r’ Us, Ross, PetSmart,Hobby Lobby, Party City and Pier 1 Imports.
The purchase was both companies first in Austin. Global will manage the property and Endeavor Real Estate Group is running leasing. The partnership plans to renovate and reposition the property using recently secured financing.
As of Dec. 31, 2010, Investcorp had $12.2 billion in assets under management. It purchased more than $100 million in real estate in the past 30 days.
United Commercial Realty Investment Sales brokers David Disney, Adam Howells, Kevin Catalani and Jessica Donnelli represented the seller.
2/17/11, Austin Business Journal