Lake Creek Partners Ltd., headed by Bob Yari, has purchased the 90%-occupied holding from a pension fund represented by Lend Lease Real Estate Investments Inc. The deal has been nine months in the making and had been complicated by the loss of the theater tenant shortly after the purchase option had been inked, says Richard H. Rudd, senior managing director of New York City-based Granite Partners' Houston office. "I think that represented a challenge to all the parties to keep moving forward," he tells GlobeSt.com. Rudd has acted on the seller's behalf, with Granite providing the buyer's financing.

Joelle Verbeke, vice president of acquisitions for Los Angeles-based Day Realty Advisors' Houston office, represented the buyer, who paid $19.6 million including closing costs for the property. Day Commercial Management Inc., one of the buyer's management companies, will oversee the holding, located along Texas 183.

The buyer is certainly no newcomer to Texas although this is the first Austin buy. Other holdings include Greenspoint Mall in Houston, Festival Marketplace in Arlington, San Jacinto Mall in Baytown and Crossroads Mall in Greenville. "We're in a big acquisition mode in retail right now," Verbeke tells GlobeSt.com. And this buy, she says is "a state-of-the-art center." More Austin properties are being eyed as well as some in San Antonio, Dallas and Houston, she says.

Verbeke says the new owner's management team is actively seeking a theater tenant to replace Regal Cinema, which shuttered the location in February. It is the only spot open in the retail facility, which has Kmart, SteinMart and Hobby Lobby as anchors.