A California developer that specializes in rehabbing underperforming and distressed properties has acquired a largely vacant North Austin shopping center.
Misuma Holdings is the new owner of Highland Village, at 6929 Airport Blvd. near North Lamar Boulevard. The 120,000-square-foot center will be renamed The Crescent.
A purchase price was not disclosed. The Travis Central Appraisal District appraised the property at $12 million this year.
Misuma Holdings plans to extensively remodel The Crescent, including an updated façade, new signage, landscaping upgrades and parking lot repairs.
“With the surge of revitalization along North Lamar, spurred by the redevelopment of Highland Mall, we saw an opportunity to refresh one of the larger retail centers in the area,” Misuma Holdings partner Dean Davidov said. “The Crescent will be a curated center with a thoughtful tenant mix that offers new and different experiences for Austinites.”
Already, Misuma Holdings and CBRE, which is handling leasing and management of the center, have landed two new tenants: 99 Ranch Market, a full-service Asian grocery store, and Kula Revolving Sushi Bar.
Existing tenants include Dollar General, H&R Block, BB&T Bank and H-E-B’s Austin corporate offices.
The 99 Ranch Market will be the chain’s first location in Austin and its fifth in Texas. It’s expected to open in early 2017, taking over spots that were vacated by Big Lots and New Oriental Market. An affiliated liquor store will be located in an adjacent suite.
Kula Revolving Sushi Bar is a concept that originated in Japan, where it has about 360 locations. It utilizes a conveyor belt system that enables customers to select the sushi dishes they’d like to try. Items not found on the conveyor belt can be ordered from iPads on each table.
Kula Revolving Sushi Bar will open this fall, CBRE said.
The Crescent is about 2 miles from The Linc, another Misuma Holdings property. Formerly known as Lincoln Village, Misuma Holdings acquired the center at 6406 N. Interstate 35 in 2013.
Since taking over, Misuma Holdings has been investing in a number of upgrades that have helped The Linc land new tenants, including several restaurants. Vivo and Lima Criolla are already open, while Pluckers and Easy Tiger are on the way.
Misuma Holdings’ Allan Davidov and Dean Davidov have “a real passion for reimagining outdated properties and breathing new life into projects that have good locations and good bones,” CBRE senior vice president Eric DeJernett said. “Their confidence in Austin began at The Linc, where they are in the midst of a significant renovation and we are attracting best-of-class tenants … with more exciting announcements yet to come.”