posted on August 12, 2011 14:41
The Austin Community College District closed on the purchase of the final tract of land at Highland Mall on Thursday. The college bought the former J.C. Penney building and surrounding parking lot for $15.7 million, including closing costs and fees.
This acquisition includes roughly 17.3 acres of land and more than 225,000 square feet of space in a two-story building and a smaller retail site located directly along Airport Boulevard. ACC now owns 100 percent of the land at Highland Mall — about 80.8 acres — and the three stand-alone anchor buildings totaling more than 642,000 square feet.
The property had been under contract since late May.
Plans for Highland Mall include additional instructional space, consolidation of administration, a continuing education center, a convocation center, space for nonprofit affiliates, a conference center and a professional development center, ACC said.
“Highland Mall is a treasured part of Austin’s history, and we are thrilled to be part of its transformation,” ACC President Stephen Kinslow said. “It is exciting to close this deal and continue to move forward with planning for the site.”
There is no impact on existing mall operations, ACC said. The core of the mall remains subject to a ground lease, and it is anticipated mall businesses will continue operations according to the terms of their sub-leases with the ground tenant. After the expiration of the ground lease, ACC will develop that property.
8/5/11, Austin Business Journal