You have reached your limit of free articles this month.

Enjoy unlimited access to myStatesman.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and bonus content- exclusively for subscribers. Starting at just 99¢ for 8 weeks

X

Welcome to myStatesman.com

This subscriber-only site gives you exclusive access to breaking news, in-depth coverage, exclusive interactives and bonus content.

You can read free articles of your choice a month that are only available on myStatesman.com.

North Austin shopping center gets new owner, new tenant


Highlights

New York-based RD Management said this week it has acquired Shops at Tech Ridge.

Already, RD Management says it has signed a tenant to fill about half of the former SuperTarget.

A new owner is working to breathe life back into a North Austin shopping center that lost its primary tenant a year ago.

New York-based RD Management said this week it has acquired Shops at Tech Ridge, at 12901 N. Interstate 35 near East Parmer Lane.

The 504,153-square-foot center, which opened in 2003, had been anchored by a SuperTarget store until January 2016, when the retailer shuttered its location there citing “several years of decreasing profitability.”

Twelve other Target locations nationwide were closed at the same time, for the same reason.

Remaining tenants at Shops at Tech Ridge include Burkes Outlet, Conn’s HomePlus, Hobby Lobby, Party City, PetSmart, Ross and Toys “R” Us. Aside from the former SuperTarget building, the center is 96 percent occupied, RD Management said.

A purchase price was not disclosed. The Travis Central Appraisal District valued the former SuperTarget at $7.9 million last year. The rest of the shopping center was valued at $10 million.

Target owned its building, with Tech Ridge Austin LLC, a Florida firm, owning the remainder of the center, records show.

Already, RD Management says it has signed a tenant to fill about half of the former SuperTarget space. Floor & Décor, a flooring superstore, has leased 77,958 square feet of space in the building. About 95,000 square feet remain vacant.

RD Management says it plans to renovate the façade of the former SuperTarget so it can accommodate Floor & Décor, as well as one or more additional tenants.

The company says it will also carve out two additional pad sites along I-35 for small businesses such as restaurants or banks.

“Austin is expected to grow faster than any other large city in the country in the next 25 years,” Richard Birdoff, principal and president of RD Management, said in a written statement. “Shops at Tech Ridge presented us a unique opportunity to reposition a significant shopping center that will benefit from our expertise in these types of assets. Look for announcements of additional national and regional retailers and dining options that will be coming to the shopping center.”

Shops at Tech Ridge is the second Texas property that RD Management owns. The other is the Westcliff shopping center in Fort Worth.



Reader Comments ...


Next Up in Business

Up the Ladder

Construction Journeyman Group has named Ross Hamilton vice president of development. Technology National Instruments has named Karen Rapp chief financial officer. The Clinical Data Interchange Standards Consortium has named Dave Evans, Masanori Fukushima and Steve Rosenberg to its board of directors.
Fitness Connection is latest addition to Shops at Tech Ridge
Fitness Connection is latest addition to Shops at Tech Ridge

A New York real estate firm is wasting no time filling up empty storefronts at a North Austin shopping center it recently acquired. RD Management last year took ownership of Shops at Tech Ridge, 12901 N. Interstate 35, shortly after a SuperTarget store closed, leaving more than 100,000 square feet of space vacant. First, RD Management and The Retail...
Top Local Business Stories of the Week

TAX CHANGE Texas Senate OKs plan to phase out state’s franchise tax: A measure that could eliminate Texas’ franchise tax — the state’s primary tax on business — within a decade won approval from the Texas Senate last week. Senate Bill 17, filed by state Sen. Jane Nelson, R-Flower Mound, and backed by the Texas Association...
Use economic research to call a truce in divorce wars

Thanks to their rich parents, my friends “Joe” and “Sue’s” wedding was a three-day, 200-guest extravaganza on Maryland’s Chesapeake shore. Day 1 featured a fantastic clambake. Day 2’s barbecue was to die for. Day 3’s nuptials were black-tie, with tears, cheers, mouth-watering canapes, filet mignon, Dom...
Austin job growth eased in 2016, but just to a more sustainable sprint
Austin job growth eased in 2016, but just to a more sustainable sprint

The latest revisions to last year’s workforce data confirmed that Austin-area employers added jobs at a much faster rate than initially reported — but also that its growth eased from the sizzling pace of the prior four years and has remained on that more modest trajectory through the start of 2017. The number of jobs in the Austin metro...
More Stories