Ownership shuffles at 1890 Ranch shopping center

Sep 20, 2013
Community Impact

A Canadian retail real estate company is doubling down on Texas, and Cedar Park’s 1890 Ranch shopping center is among the assets it will obtain

RioCan Real Estate Investment Trust will take over full ownership of Cedar Park’s power retail center Oct. 1, when it will end its joint partnership with Retail Properties of America Inc. The Toronto-based company previously had an 80 percent stake in the shopping center but ceded control of day-to-day operations to its U.S.-based business partner

“When we decided back in 2008 to make our foray into the United States, we weren’t foolish enough to think we could do it without local expertise,” said Oliver Harrison, a RioCan vice president of asset management. “We partnered with a number of different companies with the long-term mindset that we were going to manage the real estate ourselves but in the interim partner up with the right guys and learn from them.”

As RioCan gained a greater understanding of the Texas real estate market, Harrison said it became time to set up shop in Texas, opening a regional office in Plano and taking over full ownership and operations of approximately 20 commercial properties throughout the state. In order to dissolve its joint venture with RPAI, RioCan will give up five of 13 commercial properties currently owned by both companies while retaining the other eight, including 1890 Ranch

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