East Austin Property Is Sold
Oct 31, 2014
CBRE Capital Markets’ Investment Properties has announced the sale of a 4,974-square-foot retail shopping center in east Austin. An Austin-based private investor purchased the asset from Austin-based FourT Realty
The east Austin property, located at 2501 East 7th St. is 100 percent occupied by tenants including Domino’s Pizza and H&R Block. The seller recently invested more than $200,000 in capital improvements, including an energy code-compliant shell with new storefronts and insulation, upgraded power supply, foundation leveling, new sidewalks and new pylon signage
“Recent developments have transformed east Austin into a thriving area for retailers, creative office space and technology users,” Logan Reichle, with CBRE, told GlobeSt.com. “New multifamily communities in the area have increased the residential population, while a number of upscale restaurants, including Qui, Bufalina Pizza, Mettle and more draw Austinites to the corridor day and night for entertainment."
The East 7th Street corridor also benefits from recent city improvements, including new landscaping, public art installations, road resurfacing and additional parking. The asset is approximately two miles east of the Central Business District and is situated on a main thoroughfare leading to downtown
“There is limited retail supply in East Austin, where CBRE Econometric Advisors estimates retail rental rates to grow between 6.3 percent and 6.9 percent over the next five years,” says Reichle