GE Capital has bought Phase I, situated at the northwest corner of Interstate 35 and Stassney Lane. The center includes Albertsons and its fuel center, Mattress Firm, Sports Clips, GNC, Castle Dental, Blockbuster, AT&T, Supercuts, Umi Sushi Bar & Grill and Texadelphia. Phase I had been completed in second quarter 2000, a Trammell Crow source tells GlobeSt.com. The sales price is being kept under wraps.

Meanwhile, dirt's flying on portions of the second phase, the bulk of which will get under way this month. Construction has already started on Chili's Restaurant and Macaroni Grill as has work at an outparcel for a Texas Land and Cattle Co. eatery.

Trammell Crow's Austin offices co-brokered the sale with the Dallas office of Holliday Fenoglio Fowler LP. Trammell Crow will continue to lease and manage Stassney Heights Phase I, which is currently 95% leased.

Trammell Crow also has represented the United Co. in the sale of the 57,418-sf Colonnade Shopping Center on the northeast corner of Burnet Road and Research Boulevard in north Austin. Major tenants include Honey Baked Ham, Black-eyed Pea Restaurant, Castle Dental and Mother of Pearls. The buyer's name was not been available at press time.

The United Co. is a private holding company with investments in manufacturing, distribution, golf courses, technology, financial services and oil and gas. The company's financial services division manages approximately $1 billion in liquid assets and invests in public and private companies.

Instant Insights /

GE Capital Buys 106,946-SF Stassney Heights Center; Trammell Crow Ready for Phase II Work

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