Out-of-state buyers snap up Central Texas shopping centers

A mystery buyer has purchased a retail center in South Austin from SITE Centers.

Cathy Nabours and Kyle Shaffer of SRS Real Estate Partners brokered the sale of the 26,000-square-foot Oaks at Slaughter, which property records show is owned by an LLC with the same address as Ohio-based SITE Centers. The buyer is a New York-based REIT, according to a news release from SRS.

The center benefits from the adjacent H-E-B. 

“Investor demand for retail product throughout the South and in Central Texas is at an all-time high,” said Nabours, managing principal of SRS.

Torchy’s Tacos, Ramen Tatsuya, Twin Liquors and JuiceLand are tenants of the shopping center, which is 94 percent leased overall. It’s off of Interstate 35 at the confluence of Slaughter Lane and South Congress.

“The submarket has seen expansive growth with a 60 percent population increase over the past 10 years and a projected 7 percent increase over the next five years,” SRS said in a news release.

In the same vein, South Florida-based JBL Asset Management bought the 106,000-square-foot Olmos Creek Shopping Center in San Antonio from Dallas-based TCP Realty Services. It is 95 percent leased with tenants including Dollar Tree and Planet Fitness.

Six of the 13 bidders were from out of state, said Nabours, who brokered the sale with Shaffer.

“Despite the rising interest rate environment, there are more investors looking to buy than there are properties available for sale,” she said.

Ohio-based Phillips Edison purchased the 41,000-square-foot Lake Pointe Market at 6702 Dalrock Road in Rowlett from Houston-based Main Street Investment Company. Adam Howells, Chris Gerard and Megan Babovec of JLL Retail Capital Markets represented the seller and procured the buyer.

Indiana-based Kite Realty Group Trust bought Prestonwood Place, a 160,000-square-foot shopping center at 5290 Belt Line Road in Addison, the Dallas Morning News reported. It was built in 1980, and tenants include Loro, Flower Child, La La Land, Shake Shack and OrangeTheory Fitness.

Kite Realty signed 13 tenants to the Southlake Town Square recently, the Dallas Morning News reported. Southern Tides, Chubbies, Waggle Golf and Fount are opening their first Dallas-Fort Worth stores in the shopping center, at 285 Grand Avenue, northeast of Fort Worth.

A massive Nebraska Furniture Mart is planned in the Austin suburb of Cedar Park, the Austin Business Journal reported. The 1.2 million-square-foot store is expected to have 700 employees and is the Berkshire Hathaway-owned retailer’s first location in the Austin area. Construction is expected to start early next year, and the store could open in late 2026. A 1.7 million-square-foot NFM store in The Colony, near Dallas, is in the chain’s top three for sales.

Kroger started construction on a Kroger Marketplace store in Plano, the Dallas Morning News reported. The 124,000-square-foot store at State Highway 121 and Coit Road is replacing a nearby store that’s about half the size, the outlet reported.

H-E-B plans to open its store at 575 East Exchange Parkway in Allen on Wednesday, Oct. 4, the Dallas Morning News reported. The San Antonio-based grocery chain’s next Dallas-Fort Worth stores will be in Melissa, Prosper and Rockwall and are expected to open in 2025.

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