In its dozen years in Austin, Yancey-Hausman has been involved in significant office projects, Pagel says, but not a lot of retail. "Part of the reason for me to come up here is to help them build that piece of the business," he tells GlobeSt.com. "We all know that the office market is pretty soft right now. Retail has done reasonably and as long as Austin continues to grow residentially that there will continue to be retail demand."
Pagel says most of the retailers he talked to at the International Council of Shopping Centers in Las Vegas were interested in Austin. "After Austin MSA reached a million and a half people, I think it got on the radar screen with bunch of retailers where it hadn't been before," he assesses.
Pagel says the continuing interest in Austin by big-box retailers fits with a Yancey-Hausman strategy. "One of the things I've done in the past and Yancey-Hausman has done in Austin is build retail strip centers in association with the big boxes," he says. "As long as they're still active and generating retail sites, that's good for us."
Currently, Yancey-Hausman is involved with about 100,000 sf of retail space in Austin. That includes the 27,000-sf Bull Creek Center at Capital of Texas Highway and RM 2222 in the northwest submarket and a 31,919-sf center at 111 William Cannon Dr. in the south submarket.
He says the company will look at developing new centers and acquiring existing ones. And it won't confine itself to one or two submarkets. "The tenants we're representing currently are looking for locations all parts if the city," Pagel says. "We're doing some work down south, in Bee Cave, work up north."
Pagel hopes to expand the Austin office's retail staff as needed. It currently has a broker, property manager and leasing agent on staff.
During his 25-year real estate career, Pagel has worked for AmREIT, Trammell Crow Co., Camden Property Trust, Goldman Sachs and American General Realty Advisors. He's developed more than 225,000 sf of freestanding and multi-tenant retail properties, redeveloped another one million sf and developed a 400 acre, mixed-use land project.
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