Market at Lakecreek is comprised of three multi-tenant buildings along with two pad sites totaling 173,505 square feet of leasable area, and one 29,566-square-foot, single-tenant building on a ground lease located in a densely populated and growing area of northwestern Austin, Texas. Fitness Connection and Goodwill anchor the center, occupying approximately 47 percent of the gross leasable area. Both are top-performing locations, ranking in the 84th percentile and 83rd percentile, respectively, based on annual visitors to stores in the state of Texas. Habitat for Humanity ReStore is on a 10-year ground lease that has scheduled annual rent increases. Other major tenants include Austin Gymnastics, O’Reilly Auto Parts, Koryu, Kid Strong, Los Reyes Mexican Grill, P. Terry’s Burger Stand, and Taco Bell. The buildings are situated on a total of 17.66 acres.
The subject property is located at signalized intersection of U.S. Highway 183 and Lake Creek Parkway, just south of State Highway 45. The center benefits from great highway visibility with cumulative traffic counts exceeding 134,964 vehicles per day. Market at Lakecreek is near numerous national and regional retailers, including Walmart Supercenter, Lowe’s, Burlington, McDonald’s, Sam’s Club, Target, The Home Depot, H-E-B plus!, Barnes & Noble, T.J. Maxx, Total Wine, Best Buy, and many more. Lakeline Mall is approximately one mile north, a super-regional shopping mall anchored by Macy’s, JCPenney, AMC Theaters, and Dillard’s. The property benefits from strong demographics in the surrounding area, with a population exceeding 233,299 residents within a five-mile radius. The average household income within a one-mile radius is $101,055; $120,743 within a three-mile radius; and $130,355 within a five-mile radius.
- 203,071-Square-Foot, Multi-Tenant Community Retail Center
- Comprised of Three Multi-Tenant Buildings Along with Two Pad Sites (P. Terry’s Burger Stand and Taco Bell) and One Single-Tenant Building on a Ground Lease (Habitat for Humanity ReStore)
- Separate Land Parcels Provide Exceptional Flexibility for Future Upside Potential
- Anchored by Fitness Connection and Goodwill | Fitness Connection at this Location is Ranked in the Top 84th Percentile in Texas and Goodwill at this Location at this Location is Ranked in the Top 83rd Percentile in Texas, Compared to Other Locations Based on Traffic (source: Placer labs)
- Habitat for Humanity ReStore is on a 10-Year Ground Lease | Includes Annual Rent Escalations
- 100% Occupied with a Strong Tenant Base Consisting of National, Regional, and Local Retailers | 97% of the Gross Leasable Area has Triple-Net Leases
- Current Average Rents are Significantly Below Market | Prime Opportunity to Increase Rents to Market Levels Upon Lease Expirations
- Priced at $211 Per Square Foot | Below Replacement Cost
- Strategically Positioned at the Signalized Intersection of US Highway 183 and Lake Creek Parkway | High Cumulative Traffic Counts Exceeding 134,964 Vehicles Per Day
- Benefits from Excellent Highway Visibility | Easily Accessible from Multiple Ingress and Egress Points
- Desirable Demographics | Average Household Income is $101,055 Within One Mile; $120,743 Within Three Miles; and $130,355 Within Five Miles | Population Exceeds 233,299 Residents Within Five Miles
- Austin MSA Population is Projected to Grow by Over 14% Between 2023 and 2028, Adding Nearly 360,000 People to the Area
- The City of Austin is the State Capital of Texas and the Fourth-Most-Populous City in Texas | Home to The University of Texas at Austin, Serving a Population of More than 50,000 Students Annually
