DRIPPING SPRINGS, TX—Michael Rubin with NAI Capital's Westlake Village office represented the Buyer, Verdugo South, LLC, in the purchase of a 13,903 sq. ft./ two-acre retail center Shops at the Springs  located at 333 Hwy 290 East in Dripping Springs, Texas from CVC DS, LP, the Seller.  The value of the sales transaction was approximately $3.9 million.

Shops at the Springs is a 100% NNN leased multi-tenant investment in the heart of Dripping Springs, Texas.  The two-acre center is directly across from Home Depot, and HEB, the dominant grocery chain in central Texas.  It shares this site with a high grossing McDonald's. The property maintains 206 ft. of frontage on the very busy Highway 290.  Future plans include a drive through bank in this Planned Development zone.

“My client wanted to use exchange dollars from the sale of his Hollywood office building to buy a retail shopping center in the area around Austin, Texas” said NAI Capital's Rubin.  “This center, built in 2009, with some credit tenants, including Charles Schwab, sold at an 8.7% CAP rate. My client and I traveled to Dripping Springs, Texas, to look at this property and several others.   The selling brokers were very cooperative and their referral for a lender made the loan and the deal easy and seamless,” said Rubin.

Dripping Springs, is an affluent, desirable suburb, located 21 miles west of Austin.  It is situated on the north side of Highway 290 just east of RR 12.  It has become one of the fastest growing communities in the Hill Country with a highly rated school system, an abundance of outdoor activities, shopping, wineries, live music, and fine restaurants.

NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino.