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AUSTIN-Trammell Crow Co.’s Austin retail division has picked up the leasing assignment for the 285,355-sf Lake Creek Festival Shopping Center in the state capital’s far northwest submarket.

The immediate task for Trammell Crow will be to lease the 29,000-sf former Regal Cinemas movie theater. “Our preference is to lease it to a single tenant,” says Wes Babb, vice president of Trammell Crow’s retail division in Austin. “However, we will consider splitting it in two, maybe three spaces.”

There are several other smaller empty spaces in the 285,355-sf center near the intersection of US Highway 183 and RR 620. Kmart, Stein Mart and Hobby Lobby anchor the center. The center’s owner is Lake Creek Partners Ltd., a family-owned investment group based in Los Angeles. It purchased the center in May for $19.1 million from a private pension fund represented by Lend Lease Corp. Trammell Crow provides leasing and management services for about four million sf of retail space in the Austin area.

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