AUSTIN-Though three bidders made offers on the 802,000-square-foot, mixed-use Hill Country Galleria, the broker involved in the deal says the asset generated interest from a broad selection of investors nationwide. REIT Management & Research LLC paid $75 million for the retail and office project after the consortium of lenders controlling the debt introduced a stalking horse bid of $60 million.

“If we’d left it open without any kind of bid, we would have gotten a lot more offers,” acknowledges Jim Batjer, senior managing director with Holliday Fenoglio Fowler LP’s Dallas office. Batjer, who had the marketing assignment with HFF senior managing director Barry Brown, tells the Hill Country Galleria was one of the most active deals he’s seen in 15 years.

“This is a quality asset and Austin is one of the most dynamic markets in the country,” Batjer tells “This deal could not have come online at the worst time.”

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