Anchored by an H-E-B grocery, other tenants include Auto Zone, Family Dollar, Zerphey Rental and the City of Austin public library branch. Built in 1977, it is at the corner of East Seventh Street and Pleasant Valley Road.
Jeff Newburg, a principal at Endeavor, confirmed that the company bought the center from San Antonio-based H-E-B. He says other information about the purchase will be released in a day or two. Endeavor has more than 800,000 sf in its retail portfolio. Holdings include the 510,000-sf Gateway Shopping Centers in the Arboretum area, 220,000-sf Village at Westlake at Bee Cave Road and Capital of Texas Highway and 110,000-sf Vista Ridge center at RM 620 at Lohman's Crossing.
The Govalle deal was financed with an $8.1-million loan arranged by Holliday Fenoglio Fowler LP. The 10-year, fixed-rate financing was arranged by Mona Keeter Carlton, senior director of Holliday's Dallas office. Carlton declined to release the interest rate and price of the shopping center. Bank of America acted as a conduit lender.
The east submarket has just more than one million sf of retail space, about 6% of the total Austin retail market, according to year-end 2001 figures from NAI/Commercial Industrial Properties Co. There was negative absorption of more than 85,000 sf of retail space between July and December in 2001.
The submarket was 88.17% occupied at the end of 2001. Shopping centers between 50,000 sf and 100,000 sf were 88% occupied, with an average rental rate of $1.05 per sf. Centers bigger than 100,000 sf, also 88% occupied, had an average rental rate of $1.19 per sf.
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