Boston Investor Snaps Up Texas Retail Property For $114M
TA Realty, a private real estate investment company HQ'd in Boston, acquired Oaks at Lakeway for $114M from Austin-based Stratus Properties, a remarkable price for a neighborhood shopping center. Lakeway, however, is a rapidly expanding exurb of Austin, and retail space growth hasn't kept up with population. The town's population tops 14,000, and has grown nearly 25% since 2010; as recently as 1980, it was a burg of less than 1,000 people.
Under the terms of the deal, Status has to lease up the remaining vacant space, or about 20k SF in existing structures and four pads slated for single-tenant development, the Boston Business Journal reports. The property is anchored by a HEB grocery store, which is the dominant chain in South Texas, and growing in much of the rest of the state. [BBJ]