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GBT Realty acquires prime retail site near Austin


Austin, Texas -- GBT Realty Corp. announced its acquisition of a prime retail site in the heart of one of the fastest-growing cities in Texas and the U.S. Located in Cedar Park, Texas – a community that has grown over 400% since 2004 – Lakeline Commons is a 1.43-acre site that is shadow-anchored by Target and adjacent to The Home Depot.

GBT acquired the north Austin outparcel for $1.6 million on March 19 from Regions Bank. No additional terms are available.

Expected to be complete this fall, the $4.5 million retail development is 100% leased prior to construction. AT&T, Blaze Pizza and Potbelly Sandwich Shop will occupy the almost 10,000-sq.-ft. building.

“Real estate is a prime commodity in Cedar Park’s commercial corridor,” said Fraser G. Schaufele, III, VP, leasing and brokerage, GBT Realty. “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.

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