Round Rock Retail Scene Gets a Boost with University Commons Acquisition
In the bustling city of Round Rock, there’s some exciting news for both shoppers and businesses alike! The well-known University Commons, a retail hub that many locals adore, has just been acquired by Florida-based Regency Centers Corp.. This lively shopping center isn’t just any ordinary retail spot; it’s strategically positioned right off I-35, one of the busiest highways in the region! Talk about convenience!
What You Need to Know About University Commons
For those who might not be familiar with University Commons, let’s set the scene. This retail gem spans a whopping 218,000 square feet and boasts a variety of well-known stores, including T-Mobile, AT&T, Twin Liquors, Mattress Firm, and the ever-popular Summer Moon Coffee. And the best news? It’s currently 94% leased! That means there’s a lively buzz of activity, and shoppers can enjoy a diverse array of shopping options.
The center is anchored by a large H-E-B grocery store that occupies about 130,885 square feet on its own. With a hefty selection of fresh groceries and local products, it’s no wonder locals rely on this grocery giant for their shopping needs.
A Prime Location for Shoppers
Location is everything, right? University Commons is nestled between the Round Rock Premium Outlets to the north and another massive shopping center that features an IKEA to the south. With such easy access to these major attractions, it’s almost guaranteed that shoppers will flock to this area to enjoy a full day of retail therapy.
Who’s Behind the Purchase?
But let’s get back to the acquisition. Regency Centers Corp. made this purchase because, as they say, opportunities like this don’t come around often. Barry Argalas, the managing director of transactions at Regency, shared some insights about the deal. He mentioned, “Opportunities to acquire dominant H-E-B centers in Austin are extremely rare.” This statement highlights just how valuable this shopping center is, especially as it aligns perfectly with Regency’s strategy to own dominant centers that possess sustainable competitive advantages.
Looking Ahead
According to Regency, the purchase of University Commons is part of a larger goal to enhance their portfolio, especially here in Texas. Patrick Krejs, a managing director at the company, noted that their Austin portfolio has seen a striking 98% lease rate. Wow! That speaks volumes about their commitment to providing great shopping environments for both national and local retailers.
As University Commons welcomes its new owners, there are still spaces available for rent, ranging from 1,500 square feet to just under 2,900 square feet. This opens up the door for new businesses wanting to join this flourishing retail environment!
The Bigger Picture
This acquisition comes at a time when the Austin metro area is witnessing a sharp increase in retail growth. With more and more residents moving to the area, including Round Rock, businesses are bound to thrive! As shopping habits evolve, it’s clear that places like University Commons will play a pivotal role in shaping the future retail landscape of this vibrant community.
So, whether you’re hunting for a new phone plan, craving something sweet from Summer Moon, or stocking up on groceries, University Commons is a one-stop-shop for all your needs. With exciting developments on the horizon, it looks like Round Rock is in for some fun shopping days ahead!
