ROUND ROCK, TX—CBRE's National Retail Investment Group has completed the sale of Boardwalk Shopping Center in Round Rock, near Austin, behalf of Greenwood Village, Colorado-based Madison Capital Management. A private real estate fund advised by Crow Holdings Capital-Real Estate (CHC-RE) based in Dallas, purchased the super-regional power center for an undisclosed price.
The 184,598-square-foot center, built in 1996, is 98.6% occupied and anchored by a collection of national retailers, including Ross, PetSmart, Office Max and Party City. Walmart Supercenter and Home Depot shadow anchor the asset. The property's tenants have a weighted average historical occupancy of 11.8 years and limited rollover with 69% of its tenants not experiencing lease expirations until 2018 and beyond.
Its location at the convergence of two major highways, Interstate 35 and State Highway 45, offers high 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 is projected to grow an additional 13.54% in the next five years. The city consistently ranks as a fast-growing U.S. city by the U.S. Census Bureau.
Chris Cozby, Chris Gerard and Kevin Holland, with CBRE, listed the asset in September 2013, on behalf of the seller. The buyer closed on the center on July 16.
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