November 15, 2024 – We are pleased to announce our acquisition of the Shops at Lakeline, a 22,443sf ESR property in the affluent Austin suburb of Cedar Park, TX. The property is an essential service retail center with an average income of over $155,000 in a 3-mile radius. The shopping center is 100% leased to a diverse, local tenant mix with below market rents.
The Shops at Lakeline is CenterSquare’s first ESR property in Austin, a market long sought-after as one of the fastest-growing MSAs in the country. Last year, Austin experienced rent growth near 6% and currently has 2.9% vacancy across all types of retail, which is 40% below the national average of 4.2%. The asset is well positioned in the Cedar Park submarket, which ranks top five in our ESR portfolio in Average Household Income and has limited supply opportunities due to topography and residential presence. This investment aligns with our strategy to target unanchored, high-quality Essential Service Retail centers in strong demographic submarkets. Shops at Lakeline is CenterSquare’s 49th Service Property acquisition nationally and sixth in Texas.
