Oaks at Lakeway Shopping Center Sells as Lease Up Continues
Oaks at Lakeway, the new Lakeway shopping center anchored by an upscale HEB, is under contract to be sold this December to Boston-headquartered TA Realty LLC. The price? $114 million! That is a pretty great price for a partially leased small-town shopping center. Lucky for the current owner, there is a high demand for commercial space in this quickly growing and affluent area. The property is currently owned by Stratus Properties Inc., the Austin-based company who also owns downtown’s ACL Live at the Moody Theater and several other commercial spaces throughout the city.
TA Realty has 45 days to complete due diligence, allowing them to cancel for any reason during that time without paying a penalty. As most Lakeway residents know, the property is not fully leased yet – there is still nearly 20,000 square feet of vacant space available. Provided that the sale goes through as planned next month, Stratus will pay TA Realty for these vacant spaces until they become leased, as part of the contract. The shopping center is expected to finish its lease-up about one year from now.
To read the full details about this story, click to view the Austin Business Journal’s article, Stratus sells HEB-anchored retail center in $114M deal.