The investment platform for Partners Real Estate has sold a 116K SF retail center in Austin.
Partners Capital sold Oak Hill Plaza, which sits along one of the region’s busiest retail corridors, to a joint venture between Trademark Property Co. and Cohen & Steers, the Austin Business Journal reported. The plaza is located at 7101 State Highway 71.
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The retail center is appraised at approximately $19.4M by the Travis Central Appraisal District, according to ABJ. Partners Capital did not disclose a purchase price.
Oak Hill Plaza is mostly occupied, with The Picklr, Dollar Tree, AutoZone and Wells Fargo among its tenants. The center is 92.5% leased.
Major changes to Oak Hill Plaza, which Partners Capital acquired in 2021, are not likely, according to ABJ.
The sale of Oak Hill Plaza is “a strong example of our value-add strategy in action: sourcing well-positioned retail assets in high-demand corridors, then executing a hands-on asset management plan that maximizes value at exit,” Partners Capital partner and President Andrew Pappas said in a press release.
Austin’s retail market has healthy tenant demand, with tenants absorbing 312K SF in the second quarter, according to a recent Matthews report. Austin recorded a 3.4% retail vacancy rate, reflecting limited available space across the metro area.
Carson Grett, Partners Capital's vice president of retail acquisitions, said that after five years of ownership, the time was right to sell, as “investor appetite for Austin retail is strong.”
Partners Capital this year acquired a retail center in McAllen, Texas, and a business park in Atlanta.
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