Major retail center comes on market near Lakeline Mall

Feb 21, 2014
Austin Business Journal

A largely vacant retail center in Northwest Austin has been purchased by a local investor and is scheduled for a major remodel and rebranding, according to the brokers knowledgeable about the off-market deal

The buyer, who owns several Austin retail properties and has done similar projects in the past, is Anderson Mill Acquisitions LLC. Adam Zimel and Graham Carter with The Weitzman Group are representing the new owner in leasing the center

The 171,794-square-foot center is located at U.S. Highway 183 and Lake Creek Parkway. It had been known previously as the Anderson Mill Shopping Center, but is being rebranded as the Market at Lake Creek

About 120,000 square feet is available for lease, including up to 82,000 square feet of contiguous space for an anchor tenant

Levy Architects in Austin is handling the facade redesign of the center, which was built in the 1980s

The center is near Lakeline Mall and services a growing nearby population, which includes Cedar Park, Leander and Avery Ranch. Within a three-mile radius, there’s a population of 87,891 with an average household income of $89,187, according to U.S. Census Bureau data

“The purchaser viewed this property as an underutilized asset that could benefit from a fresh perspective,” Carter said

Here's a look at the Austin Business Journal's 2013 list of largest shopping centers

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