The latest property is a small neighborhood retail plaza at 3600 S. Congress. Russell Moore, owner of Commercial Property Group, tore down an auto parts store and replaced it with a freestanding 5,500-sf retail plaza. The lead lease belongs to La Mariela 1 Meat Market, which intends to sublease 2,500 sf.
"All of our projects are specialty needs," Moore tells GlobeSt.com. "The client makes a request and we just try to fill that need."
Commercial Property Group also has developed a successful 8,600-sf Blockbuster Video-anchored plaza along S. Congress at Oltorf, just south of the H-E-B grocery store. In about two months, they will begin the conversion of a filling station at nearby S. Lamar and W. Mary, which will become a 1,900-sf Quizno's sandwich shop.
Moore says the climate in Austin can be especially tough for the smaller merchant, who needs space but cannot afford the high price of land and finish-out. Commercial Property Group, Moore says, tries to add value by scouting locations that can be reconfigured or restructured. Commercial Property Group's niche is freestanding buildings under 15,000 sf, although the group also handles larger properties anchored by grocery store tenants.
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