Recent Retail Leases in Austin

Compared to the third quarter of 2010, occupancy shows an increase of 1% in the same quarter this year. Comparing the first and third quarters of 2011, average rent has decreased by 0.03%. Some of the recent leases recorded in the retail market of Austin are as follows:

In October 2011, Thinkwell has leased 2,831 square feet at Penn Field, a 259,000 square-foot community center located at 3601 South Congress Avenue in Austin, Travis County, from CIM Group. The 78-year-old community is 90% occupied with average rents at $1.67 per square-foot. The retail building is a community center and is located on the east of South Congress Avenue and to the south of Woodward Street. The property has access to Alpine Road and South Congress Ave. The multi tenant property is unanchored. According to the appraisal district records, the total assessed value is $14.72 million. Completed in 1923, the property is situated on 16.02 acres. The gross building area of the building is 259,390 square-feet and rent type is triple net. Amenities include beautiful fountains and landscaping, easy access to I 35 & Hwy 290 and plenty of parking. Don Cox with the Don Cox Company represented the tenant, while Matt Frizzell and Brad Philp with Stream Realty Partners and Danny Roth with Southwest Strategies represented the landlord.

One of the most significant lease in the month October is the lease of Rock Creek Shopping Center. Spirit Halloween has leased 25,000 square feet at Rock Creek Shopping Center [2120 N. Mays St], a 149,000 square-foot neighborhood center located at 2121 Interstate highway-35 North Round Rock, Williamson County, from Danly Properties. The 25-year-old community is 68% occupied with average rents at $0.87 per square-foot. The retail building is a neighborhood center and is located to the east of Interstate Highway 35, to the north of Texas Ave and to the west of N Mays Street. The property has access to Interstate Highway 35, Texas Ave and N Mays Street. The multi tenant property is unanchored. According to the appraisal district records, the total assessed value is $13.36 million. Completed in 1986, the property is situated on 11.66 acres. The gross building area of the building is 148,680 square-feet and rent type is triple net. Andrew Perkel of Retail Solutions represented the landlord.