CBRE Puts Boardwalk Shopping Center on the Market

ROUND ROCK, TX-CBRE's National Retail Investment Group has been selected to market Boardwalk Shopping Center, a super-regional power center in Round Rock, Texas.

The 184,598-square-foot center possesses a highly coveted position at the confluence of two major highways, Interstate 35 and State Highway 45, with excellent visibility and exposure to more than 447,000 vehicles daily. There are approximately 231,000 residents within a five-mile radius of the property, speaking to the density of the city. Since 2000, the population has grown 73% and the city has consistently ranked as the second fastest-growing U.S city by the U.S. Census Bureau. Within the next five years, the population is projected to grow an additional 13.54%.

The property, built in 1996, is 98.6% occupied and anchored by a collection of national retailers, including Ross, PetSmart, Office Max and Party City. The property benefits from strong occupancy with a weighted average historical occupancy of 11.8 years and limited rollover with 69% of its tenants not experiencing lease expiration until 2018 and beyond. The property's consistent occupancy, high tenant retention and strong presence of national retailers are a powerful testament to Boardwalk Shopping Center's long-standing attractiveness and stability.

“The Austin-Round Rock MSA is a hotbed for high-tech companies and government jobs,” said Chris Gerard, first vice president with CBRE. “Austin's pro-business environment, world-class research facilities, exceptional quality of life, low unemployment and low cost of living have enticed many global technology companies to establish major campuses in the region.  These campuses bring high paying jobs, driving housing growth and generating strong retailer sales.”

CBRE SVP Chris Cozby and Gerard, based in Dallas, are representing the seller, with help from vice president Kevin Holland, in Houston,

 CBRE Group, Inc., headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2012 revenue).  The company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide.