A North Austin shopping center is under new ownership.
The Market at Parmer, located at North MoPac Boulevard (Loop 1) and West Parmer Lane and anchored by an H-E-B grocery store, was acquired by an unnamed Chicago-based institutional investor, according to CBRE National Retail Partners.
CBRE National Retail Partners handled the transaction for the seller, identified by the Travis Central Appraisal District as CH Realty VI/R Austin Parmer LP.
A purchase price was not disclosed. The appraisal district valued the 122,349-square-foot center at $14.9 million last year.
Aside from H-E-B, other Market at Parmer tenants include Anytime Fitness, Pet Supplies Plus and Twin Liquors. The center is currently 96 percent occupied.
“Texas, and especially Austin, are experiencing unprecedented population growth, but retail expansion remains well below historic norms,” said CBRE executive vice president Chris Gerard, who worked with Chris Cozby and Blaine Dozier on the sale. “This phenomenon is driving occupancy rates to historic levels in Austin, and in turn, driving significant investor interest in existing shopping centers with below-market rents. Many of the leases in Market at Parmer were established in previous cycles and are well below market, offering the buyer an opportunity to capitalize on untapped market rent growth at the retail center.”