Institutional Property Advisors Closes Greater Austin Shopping Center Sale
“With over six million customer visits every year, La Frontera Village is one of the top 3% most-visited shopping centers in the nation,” said Andrew Margulies, senior vice president investments with Marcus & Millichap. “Supported by the fast-growing Austin-Round Rock metropolitan area, the acquisition gives the buyer an opportunity to add value in many ways, including vacancy lease-up and outparcel development.” Margulies, in conjunction with IPA’s Erin Patton, Scott Wiles and Craig Fuller represented the seller, a private real estate investment company based in the Midwest and procured the buyer. “We received a variety of competitive offers from institutions and private clients,” said Patton. “The sale of La Frontera Village is another example of how investor demand for shopping centers with strong fundamentals has pushed pricing to pre-pandemic levels.”
At the time of the sale, La Frontera Village was approximately 92% leased by tenants including Kohl’s, Hobby Lobby, Burlington Coat Factory, Marshalls, Barnes & Noble and Cost Plus. Two ground-leased restaurant outparcels, and a 0.78-acre parcel were included in the sale.
Built in 1980 on 62 acres and renovated in 2000 and 2001, La Frontera Village is located at the intersection of State Highway 45 and Interstate 35, across from Dell Inc.’s national headquarters. Major employers in the area include Dell, Emerson Automation Solutions and Trellis Co. Approximately 385,000 people live in a seven-mile area around La Frontera Village and Austin is within 15 miles. Tim Speck, senior vice president, division manager and Marcus & Millichap’s broker of record in Texas assisted in closing the transaction.
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