(For more retail coverage, click GlobeSt.com/RETAIL.)
AUSTIN-A private investor from Greater Detroit has lobbed asuccessful pre-emptive strike for the 525,000-sf Shops of theGalleria in West Austin. Sources say the first-time Texas buyerprobably paid $200 per sf to $250 per sf to Lincoln Property Co.for the under-construction power center.
The seller, which is developing 1.5 million sf across the road,has retained leasing and management of the Shops of the Galleria,where there's one pad site left to ground lease and 15% of the shopspace to fill. If the timetable is held, construction will wrap upat year's end.
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