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AUSTIN, TX-In their first acquisition together, L&B Realty Advisors LLP and Barshop & Oles Co. have bought the 244,242-sf Brodie Oaks Shopping Center from Weingarten Realty Investors. Although the sales price is being kept confidential, sources say the 25-year-old asset could have traded for $195 per sf to $250 per sf and a 7% to 8% cap rate.

Bernadette Mussell, acquisitions director for Dallas-based L&B, says the 90%-leased shopping center at 4032 S. Lamar Blvd. represented a great value-add investment. “We liked the location of the real estate,” she adds. “It’s a great commercial real estate site.”

Brodie Oaks sits on about 8.5 acres in the southwest submarket near the heavily traveled US Hwy. 290 and Texas 360. According to Weingarten’s website, the traffic count is well north of 168,000 vehicles per day.

Mussell says the new owners will focus on ensuring the in-place tenants stay for the long term and the vacancy is filled. Barshop & Oles will lease and manage the asset. “They’ll put a local focus on leasing and make a few cosmetic improvements,” she tells GlobeSt.com. She says there is no major lease roll on the horizon. She acknowledges that some tenants have left, but new ones have come on board.

Brodie Oaks is anchored by Neiman Marcus Last Call and Sun Harvest Market. Other tenants include Hobby Lobby, Toys ‘R Us, Tuesday Morning, Sally Beauty, Starbucks, Olive Garden, Chili’s, Pei Wei Asian Diner and Fuddruckers.

L&B is looking for similar investments in other markets. “A lot of what we’re looking at right now are value-add types of retail projects,” Mussell explains. “We’re trying to find properties in markets that still have good fundamentals.”

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