AUSTIN, Tex.--CBRE Capital Markets' InvestmentProperties has announced the sale of a 4,974-square-footretail shopping center in east Austin. An Austin-based privateinvestor purchased the asset from Austin-based FourTRealty.

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The east Austin property, located at 2501 East 7th St. is 100percent occupied by tenants including Domino'sPizza and H&R Block. The sellerrecently invested more than $200,000 in capital improvements,including an energy code-compliant shell with new storefronts andinsulation, upgraded power supply, foundation leveling, newsidewalks and new pylon signage.

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“Recent developments have transformed east Austin into athriving area for retailers, creative office space and technologyusers,” Logan Reichle, with CBRE, toldGlobeSt.com. “New multifamily communities in the area haveincreased the residential population, while a number of upscalerestaurants, including Qui, Bufalina Pizza, Mettle and more drawAustinites to the corridor day and night for entertainment."

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The East 7th Street corridor also benefits from recent cityimprovements, including new landscaping, public art installations,road resurfacing and additional parking. The asset is approximatelytwo miles east of the Central Business District and is situated ona main thoroughfare leading to downtown.

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“There is limited retail supply in East Austin, where CBREEconometric Advisors estimates retail rental rates to grow between6.3 percent and 6.9 percent over the next five years,” saysReichle.

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Reichle, Walter Saad and CathyNabours represented the seller.

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