CEDAR PARK, TX-The last remaining vacant Albertson’s in the Austin metro area has been backfilled by Big Lots. The closeout retailer inked a 10-year lease for 33,742 square feet in Cedar Park Plaza in this Austin suburb.
The new Big Lots is scheduled to open its new store at 850 North Bell Blvd. in November, according to Lance Morris with The Weitzman Group. He and Parker Estes represented the landlord, a joint venture headed by Kimco Realty. Terri Twomey with The Weitzman Group handled negotiations for Big Lots.
Morris tells GlobeSt. that Big Lots shares the former Albertson’s with a 20,000-square-foot Office Depot that opened in 2008. The grocer closed its doors in 2006, leaving 10 vacant stores in the Austin market. This space in Cedar Park Plaza is the last of the stores to be leased or sold, he notes.
“It took so long to fill this space in Cedar Park Plaza because we flirted with other tenants for more than a year,” Morris says. “We went really far down the road with Hastings [Books & Music] and New Flower Market, but those deals didn’t work out. Meanwhile, Big Lots was in the background waiting for the right deal.”
Local Texas grocer HEB acquired five of the vacant Albertson’s boxes, while the City of Georgetown, TX acquired one with plans to transform the space into city offices. The other properties were acquired by individual investors. “The goal is to sell all of the boxes once they’ve been re-tenanted,” Morris says.
With the exception of the Big Lots and Office Depot space, Cedar Park Plaza is owned by a Houston-based investor. The class B center is located at the corner of Highway 183 and FM 1431 and offers good visibility. “The center suffered a little because of the empty space, so it should benefit from having the Big Lots,” Morris says.
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