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

Ranking: Dayton 41st fattest city in the U.S.
Ranking: Dayton 41st fattest city in the U.S.

If a new ranking by a consumer advice web site is any indication, then Dayton, you’re too fat. Dayton ranks 41st among the top 100 fattest cities in America, according to a ranking released by Wallet Hub Tuesday. That makes it the fifth fattest city in the Buckeye State, according to WalletHub, behind the Youngstown metro area (ranked at 13)...
Some investments aren’t worth the trouble

I am 62 and have about $700,000 in savings. Half is invested in Vanguard Balanced Index Fund, half in cash. I have no debt and no income need now, but I will need about $2,000 a month at age 65. I feel this stock market is getting real tired. I’m thinking of selling $100,000 of VBINX and buying a three-year deferred annuity. I’d buy an...
For Texas business leaders, session may have familiar look
For Texas business leaders, session may have familiar look

For Texas business leaders, there might be a “Groundhog Day” feel to the just-started legislative session. In that 1993 movie, Bill Murray’s character lived the same day over and over again. And in this session — just like in 2015 — the state’s business sector finds itself focused on the same priorities it went to...
Top Local Business Stories of the Week
Top Local Business Stories of the Week

TEXAS ECONOMY Dallas Fed: State economy to pick up in 2017, but modestly: The Texas economy and labor market should grow a little sunnier this year, but a few of the dark clouds that gathered in the past two years will linger into 2017, according to economists at the Federal Reserve Bank of Dallas. Texas should expand payrolls by 2 percent this year...
The ‘be careful what you wish for’ economy

In an ideal world, everyone would save money so they could take care of their own retirement. Some would call this a Jeffersonian ideal. Others might say it is a Republican core belief. But it’s a widely admired idea. It is most admired by those who feel closer to the ideal world than the world in which the rest of us live. Forty years ago, when...
More Stories