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.