RPAI acquires Cedar Park Town Center

Austin, Texas -- Retail Properties of America, Inc., closed on the acquisition of Cedar Park Town Center, a 181,000-sq.-ft. community center located in Cedar Park, an Austin, Texas submarket. The purchase price was $39.1 million.



The property is situated at the intersection of two major freeways, with visibility and access to more than 73,000 vehicles per day. Cedar Park is shadow-anchored by Costco and is 94.5% occupied and leased to a lineup of national and regional tenants, including At Home, Chipotle, BJ’s Brewhouse and In-N-Out Burger.



RPAI acquired Cedar Park Town Center from the Ainbinder Company, as it represents part of RPAI’s long-term strategic plan to refocus the asset base on high-quality, multi-tenant assets in 10-15 strategic markets with approximately 3-5 million sq. ft. in each market.



“With strong demographics and high-barriers to entry, we are excited to add Cedar Park Town Center to our Austin portfolio, which now totals almost 400,000 sq. ft.,” said Michael Hazinski, VP, director of investments –West Region for RPAI.