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

Why far too many take Social Security far too early

I just visited my mother. She’s 97. The trip over was short; she’s in an assisted-living facility right across the street. Today’s report: “Couldn’t hear the people at dinner, couldn’t hear the TV, eyes hurt from reading …” “Why am I still alive?” she asked. “I never expected to live...
After facelift, Oak Hill Plaza lands 5 new tenants
After facelift, Oak Hill Plaza lands 5 new tenants

Tenants are lining up to lease space in a newly renovated shopping center in the Oak Hill area. BBD Commercial gave Oak Hill Plaza, at 7101 W. Texas 71, a substantial makeover that included a new façade, fresh paint, a copper mansard roof, improved signage and landscaping and a repaved, restriped parking lot. That investment appears to be paying...
Top Local Business Stories of the Week
Top Local Business Stories of the Week

TECH DEAL Austin’s data.world gets $19M to build ‘social network for data people’: Austin startup data.world came out of stealth mode last July to tell its story. The company, founded by a team of Austin tech veterans, revealed it was building a social network geared toward helping data scientists connect and share collections of...
Up the Ladder

Health care St. David’s HealthCare has named Adonica Benesh vice president of quality, Kevin Scoggin chief operating officer of St. David’s South Austin Medical Center, Skyler Reed chief operating officer of St. David’s Georgetown Hospital and Cindy Nicholas chief nursing officer of St. David’s North Austin Medical Center. Law...
Family Christian closing all stores nationwide
Family Christian closing all stores nationwide

Christian faith-based book and gift store Family Christian is closing all of its 240 stores nationwide due to "declining sales," according to a Thursday news release from the company. The closure affects employees in 36 states, including Florida, Georgia, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas and Washington...
More Stories