Dinges: Big changes coming to North Austin shopping center

Oct 28, 2013
Austin American Statesman

Austin-based World Class Capital Group has been on a buying spree in recent months.


Its newest acquisition is a shopping center at 8120 Research Blvd. in North Austin.


World Class Capital Group president and CEO Nate Paul says he’s planning an extensive remodel of the center, which will be rechristened Crestview Crossing.


Occupancy is currently at 86 percent. Tenants in the center include Cap City Comedy Club, which Paul says is staying put.


Other World Class Capital Group purchases in the Austin area have included the Galleria Oaks shopping center in Northwest Austin, the downtown Austin buildings that once housed the Spaghetti Warehouse, Katz’s Deli, Hard Rock Café and Melting Pot restaurants, the building housing the La Zona Rosa nightclub, and parcels of land near the Four Seasons Hotel Austin and Austonian condo tower in downtown Austin


World Class Capital Group isn’t the only company snapping up local shopping centers


The Market at Parmer, an H-E-B-anchored shopping center at MoPac Boulevard (Loop 1) and Parmer Lane in North Austin, was purchased this month by a Texas-based private real estate fund. The seller was Lincoln Property Co.


Also this month, Houston-based Weingarten Realty Investors acquired the Mueller Regional Retail Center in Central Austin from Cole Real Estate Investments. Tenants there include Best Buy, Home Depot, Marshalls and Bed, Bath and Beyond


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