AUSTIN-Henzlik-Oliver Real Estate Companies LLC has entered the Austin market with its acquisition of an 89,807-square-foot Academy Sports & Outdoors. The Overland Park, KS-based investor bought the asset from Wal-Mart for $9.4 million in an all-cash transaction.
Henzlik-Oliver also owns properties in The Woodlands, TX, and San Angelo, TX. “Texas is a hot spot for us – we love the market,” says Tyler Oliver, a partner with Henzlik-Oliver, which owns a portfolio of 25 properties in 10 states.
Oliver tells GlobeSt. that his firm was competing with three other prospective buyers for the Academy Sports & Outdoors asset, which is located at 12250 Research Blvd. in the Arboretum area. “Usually we invest in multi-tenant shopping centers, but this just happened to meet our criteria,” he explains. “We liked the high cap rate on the deal, which was above 9%. And it has all the characteristics of great real estate. It’s very well-located.”
The single-tenant property is leased to Academy Sports & Outdoors for 15 years. The building formerly housed a Wal-Mart before being backfilled by Academy Sports & Outdoors.
This acquisition also represents the firm’s first deal with Academy Sports & Outdoors. “We’re definitely familiar with Academy, even though it’s not in our part of the world just yet,” Oliver says.
Donna Ramsdell Kolius, a senior vice president with CB Richard Ellis’ Houston office, marketed the property, which had a list price of $9.5 million.
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