GBT Realty Acquires Cedar Park Site
AUSTIN—Brentwood, Tenn.-based GBT Realty Corp. has acquired a prime retail site in Cedar Park.
Lakeline Commons is a 1.43-acre site shadow-anchored by Target and adjacent to The Home Depot. GBT acquired the outparcel for $1.6 million last month from Regions Bank. No additional terms were available.
"GBT was able to acquire a parcel of land that was highly sought-after by several developers in order to build a property that will provide a useful tenant mix for a very fast-growing community and commercial area," Fraser Schaufele III, vice president, leasing and brokerage, GBT Realty Corp., told GlobeSt.com.
Expected to deliver this fall, the $4.5-million retail development is already 100 percent preleased. AT&T, Blaze Pizza and Potbelly Sandwich Shop will occupy the building, which is just under 10,000 square feet.
“Real estate is a prime commodity in Cedar Park’s commercial corridor,” says Schaufele. “This rare, vacant outparcel with ideal visibility among some of the nation’s top retailers, really drove significant interest in this development.”
The site is located at the intersection of US Highway 183 and Lakeline Mall Drive, less than a half-mile from the Texas Highway 45 interchange.
Lakeline Commons is an example of high-barrier-to-entry site that is rarely viable as a single-tenant center, says Schaufele.
“By leveraging our network of retailers that we work with across the country, we bring together the right mix of retail, restaurants and services to make these sites work.
“GBT has been expanding our real estate focus to seek out sites like these where we can insert quality tenants into niche markets at locations they normally could not attain.”