Austin’s 180,000-square-foot shopping center, Lincoln Village, has just been purchased by veteran developers Misuma Holdings for an undisclosed sum. The new owner has not made public its plans regarding the repositioning of the acquisition, but the involved parties can await consistent changes throughout the year. Among the current tenants are Chase Bank, Gold’s Gym, the Marchesa Theater and Men’s Warehouse.
Misuma Holdings had its eyes on the shopping center partly due to redevelopments that represent consistent growth in the area. Good indicators in this regard were the Highland Mall, remodeled by Austin Community College; the construction of several new residential communities; the revival of the Airport Boulevard; and the prosperous reuse of the Mueller Airport.
“Lincoln Village has the ingredients required for a successful real estate repositioning,” said in a news release Dean Davidov, partner at Misuma Holdings. “It is in a prime location at the intersection of Interstate 35 & Highway 290. The shopping center is surrounded by several major developments in a growing and dynamic community.”
Davidov added: “We are excited to bring new vision and energy to the project including capital improvements, new and complementary tenants, re-branding, highway signage, and potential mixed use elements. We expect the property to be the link between all the urban in-fill projects in central Austin.”
Beverly Hills-based Misuma Holdings is a commercial real estate development firm focusing on ample retail, office and mixed-use property types. With over 30 years of experience in the field, the company has owned and built over three million square feet of retail space across Texas, this next to other commercial properties nationwide. They are known for their interest in purchasing distressed commercial development projects, which through proactive involvement receive added value.
Photo credits: CBRE