AUSTIN-Local owner Whit Hanks Properties has sold the 50,132-square-foot West End Center to AWS Village Inc. West End Center, a mixed-use retail and office property, was 94% occupied at the time of sale with tenants including Julian Gold, Artworks Gallery and House + Earth.
Sales proceeds for the asset at 1214 W. 6th St. were undisclosed. The Travis Central Appraisal District assesses the property at $6.1 million.
“Whit Hanks was one of the early pioneers developing mixed use projects in the West Sixth Street corridor. The West End Center, anchored by a recently expanded Julian Gold and ArtWorks, is a very unique adaptive re-use of a former truck dealership,” comments Eric DeJernett with CBRE in a statement.
DeJernett and Bryan McMurrey, both with CBRE's Retail Service Group, along with Walter Saad and Cathy Nabours of CBRE's Private Capital Group, represented the seller in the transaction.
“The interest level from investors outside the City for assets in the Austin core like West End Center is incredibly strong, and reflects the underlying strength of Austin as a target market for both institutional and private investors,” Saad adds in the same press release.
Paul Cheng, a Dallas-based investor and developer with Cheng Investments and part of the acquisition partnership, will rename the property West Side Village and will handle the leasing. CBRE will handle the property management. According to local media reports, Cheng is on the hunt for more development/ownership opportunities in Austin.
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