World Class Capital Plans to Reposition Crestview Crossing Post Acquisition
- Oct 14, 2013
Once opportunity is identified, creating value comes next. Under this principle World Class Capital Group announced the acquisition of the North-Central Austin retail center located at 8120 Research Blvd, at the corner of Highway 183 and Anderson Square.
Chris Skyles of SkylesBayne Co. represented World Class in the transaction. Although the price has not been disclosed, the property has been listed with Cetera Realty Advisors for $4.1 million.
The space entails 42,000 square feet that is currently 86 percent occupied, with the largest tenant being the famed Austin comedy venue, Capitol City Comedy Club. World Class plans to invest in a consistent renovation with the intention to reposition the property as Crestview Crossing.
“We plan to make immediate capital improvements to reposition as Crestview Crossing, a neighborhood retail center for a budding community,” says Nate Paul, president and CEO of World Class Capital Group. “We see enormous potential in the North-Central Austin market, and this acquisition allows us to capitalize on the area’s high growth and strong demographic trends.”
According to a report issued by Marcus & Millichap, multi-tenant sales trends climbed 65 percent in the last 12 months. The median sales price of $277 per square foot shows a 61 percent increase compared to 2012, while the increase in the number of neighborhood centers that changed owners indicates less risk-averse from the investors’ part.