The property is situated just eight blocks from the main campus of the University of Texas at Austin. Built in 1949 and extensively remodeled in 1985, the property is currently 100% occupied, officials say. The property is four blocks from the Seton Medical Center complex and three blocks from the Central Park development. "It is an outstanding location in one of the most demographically appealing areas in Austin," says Jeffrey Coddington of Oxford Commercial.Even more appealing, say brokers, is the fact that the asking price - $1.6 million - is below replacement costs.
Analysts say the city's retail real estate sector is continuing to fuel an active shopping center market, in construction and disposition. Retail sales are rising, consumers are clamoring for more stores and tenants are discovering rents in some areas have jumped by 10%.
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