Trademark acquires neighborhood center in Austin
The Fort Worth-based Trademark Property Company — a retail and mixed-use investor, developer, and operator — announced its purchase of Oak Hill Plaza in Austin in partnership with Cohen & Steers, a global investment manager.
The acquisition comes on the heels of the completion of the Texas Department of Transportation’s $674 million Oak Hill Parkway Project, which will greatly improve regional mobility and access to the property.
Following a five-year-long construction process, all the main lanes, frontage roads, and ramps of Oak Hill Parkway are now open. Work will continue throughout the fall, including 14 miles of shared bicycle and pedestrian paths and 1.5 miles of new sidewalks along the corridor.
“The timing for this investment is perfect now that this major project is substantially complete,” said Trademark CEO Terry Montesi. “Our research identified Oak Hill Plaza as a high-potential center years ago, and we are excited to have the opportunity to acquire this asset and expand our portfolio in Austin.”
Oak Hill Plaza’s tenant roster includes Wells Fargo, Pluckers, Dollar Tree, AutoZone, Jim’s Restaurant and The Picklr. But Trademark has plans to bolster the property as a more inviting and modern destination with an upgraded tenant mix featuring regional retailers and restaurants that best capture the authentic spirit of Austin, according to Montesi.
“We love Austin and recognized this property as a compelling opportunity with significant potential to create long-term value,” said Josh Silverman, principal at Cohen & Steers. “Trademark has a proven track record of elevating retail centers with untapped potential, and we look forward to what’s next for Oak Hill Plaza.”
Oak Hill Plaza joins Great Hills Market & Station as Trademark’s third property in the Austin metro. The company is also expanding its presence in the Houston market with Dunham Pointe, a ground-up community center development that will break ground later this summer.
