Cedar Park train depot sells to San Diego investment group

Sep 30, 2014
Austin Business Journal

San Diego-based real estate investment company PacVentures LLP has purchased The Depot, a retail center in Cedar Park, from a group of local investors

The purchase price was not disclosed but the 49,500-square-foot property at 401 Whitestone Blvd. was listed for $8.5 million in a marketing brochure. Helen Jobes with Golden Eagle Investments had the listing

The Austin Steam Train is based at the center. The train operates mostly on the weekend, taking travelers on excursions to the Hill Country. Other major tenants include the Wild West Cedar Park nightclub, Flex Fit Gym, Kung Fu Buffet, T-Mobile, DoubleDave’s Pizzaworks, Castle Dental, Allstate Corp. and Fuzzy’s Taco Shop

The property was developed in 2007 by Jerry Reed of Development 2000. The seller was CParkTrain Ltd., which includes several individuals including veteran Austin investors Manny Farahani and Peter Barlin

Jobes said the property has an excellent mix of tenants in an increasingly vibrant area of Northwest Austin. The retail center is situated on 3.14 acres and includes 425 surface parking lots

PacVentures owns an extensive portfolio of commercial real estate mostly in the Southwest, including industrial, retail, office, self-storage and multifamily. In Austin the company previously owned the Village at Cedar Park down the street from The Depot and a Walgreens leaseback property. It currently owns office and retail at 6505 Airport Blvd. and South Slaughter Commerce Park

Though most of PacVentures’ partners are based in San Diego, Joe Simmons, who is a broker with AQUILA Commercial LLC in Austin, also is part of that investment team

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