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Real Estate Bisnow
January 9, 2013
What's Up in the Bedroom?

Beyond eight new Austin-area stores already open, Sleep Experts’ expansion plans include a handful of new deals slated to open this year, Dallas-based Venture Commercial partner Bryan Cornelius tells Bisnow exclusively.
Dave Carter and Bryan Cornelius
Bryan (with Venture broker Dave Carter, left) says Austin could be a 20-store market. The new stores are in Lakeline, Steiner Ranch, La Frontera, Sunset Valley, Cedar Park, Circle C Ranch, and the Arboretum areas with the most recent openings at 9705 Research Blvd on Dec. 28. Bryan reps Sleep Experts in the Austin market with the help of local co-brokers The Retail Connection’s Travis Robertson and Ryder Jeanes.
Sleep Experts
It has 41 locations total in North Texas. Bryan says Sleep Experts has penetrated the DFW market but wants to fill the holes where there are median incomes of $75k and above with educated consumers in Central Texas. (What would be perfect is an area where everyone has back problems, but things are never that neat.) High-growth areas like Circle C Ranch, Cedar Park, and the Pflugerville area are prime spots, Bryan says. Ideal locations are 3,500 to 4,500 SF end caps with high visibility, good signage, and a presence on the road. With the resurgence of residential development, mattress sales have grown. Additionally, the end of the recession and a feeling of job security helps consumers make the purchases they were postponing.

Shopping Center Transformation
Andrew Perkel works some magic
With the sale of the 106k SF Marketplace Austin at 10601 N Lamar will come the transformation of its 55k SF events center into a leased space for bigger national credit or mom and pop tenants, says Retail Solutions broker Andrew Perkel, who repped the buyer. Andrew (here with the wand-work of his magician’s assistant or maybe our graphics designer) has an additional role in the deal: he’ll be partnering with the buyer in the project’s ownership. The 51k SF flea market-style center will remain and possibly expand, and the events center will be redeveloped. Sale price wasn’t disclosed. UCR’s Rodger Anderson and Neal Kieschnik repped the seller.
Cole Broadhead, David Simmonds, Alan Rust
Retail Solutions principal David Simmonds (center, with colleagues Cole Broadhead and Alan Rust) tells us demand is high for the submarket where Marketplace Austin is located with occupancy hovering between 95% to 99%. Austin is extremely tight with the lack of new product over the past several years and the demand is spilling over into the surrounding markets, too, he says. Retail Solutions also sold the 5,135 SF fully leased multi-tenant Kingsville Retail Center at 1007 E General Cavazos Blvd in Kingsville. Alan repped an undisclosed seller, and Birnbaum Property Co’s John Ostrander represented the buyer.  

Treehouse's New Owner
An individual investor purchased 12k SF Treehouse Shopping Center (5300-5330 Broadway Street in San Antonio’s Alamo Heights). Peloton CRE’s Scott Boynton repped the seller with colleague Jason Adkison: We snapped him (far right) with Peloton partner Gardner Peavy and VP Kyle Gunter. Scott and Jason brought the building to 100% occupancy in the middle of last year before putting it on the market. The seller wanted it to close by year-end, and luckily it sold in less than 60 days, closing on Christmas Eve. (We call those Reindeer Deals; nobody else does.) PF Properties' Pat Ferris repped the buyer.

Upcoming Bisnow Events!
Friday, Jan. 25, 7:30am-10:30am. Bisnow's San Antonio Future of Downtown event. Hear experts talk about development plans for an anticipated expansion in population and job growth and the future of real estate opportunity within the CBD. Register here.
"The only difference between fear and adventure is how much you breathe." -Rob Kalnitsky. Tell us about your adventures, catie@bisnow.com or tonie@bisnow.com.
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