RD Management Acquires 504,153-Square-Foot Shops at Tech Ridge in Austin, Texas
January 11, 2017
RD Management LLC, one of the nation’s largest privately held retail real estate development and management organizations, has acquired Shops at Tech Ridge, a 504,153-square-foot shopping center located in Austin, Texas. Excluding the recently vacated former Target store, the center is 96 percent occupied. In addition to owning the center, RD Management is the on-site property manager.
Shops at Tech Ridge is located in Travis County at 12901 I-35 South and Parmer Lane. The center can be accessed from I-35 Frontage Road and Center Ridge Drive, and has two multi-tenant pylon signs making it highly visible to drivers. The property is also situated in close proximity to Dell Parmer South Campus, a General Motors corporate office, and surrounded by an additional 750,000 square feet of complementary retail.
Since acquiring Shops at Tech Ridge, RD Management has signed a lease with Floor & Décor, a leading specialty retailer in the hard-surface flooring market, for 77,958 square feet in the former Target store. Floor & Décor joins other anchor tenants Ross, PetSmart, Toys “R” Us, and Conn’s HomePlus. Plans for the center include a façade renovation of the former Target space for future tenants and the construction of two new pad sites fronting I-35.
“Austin is expected to grow faster than any other large city in the country in the next 25 years,” said Richard Birdoff, principal and president of RD Management. “Shops at Tech Ridge presented us a unique opportunity to reposition a significant shopping center that will benefit from our expertise in these types of assets. Look for announcements of additional national and regional retailers and dining options that will be coming to the shopping center.”
Shops at Tech Ridge is one of two properties owned by RD Management in Texas, and one of more than 200 properties in its national portfolio. RD Management also owns Westcliff Shopping Center in Fort Worth. The Retail Connection, the brokerage firm handling leasing for Shops at Tech Ridge, provides brokerage, advisory, investment, and management services through its four statewide offices, and represents more than 275 retail and restaurant clients and over 25 million square feet of retail projects.
Those interested in leasing space at the center can contact Bradley Schwartz at (212) 265-6600 x298 or firstname.lastname@example.org.