Virginia Investor Sells 48,244-square-foot Concorde Center in Austin

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Tarantino Properties Buys 48,000-SF Retail Property on Airport Boulevard
An investment entity of Herndon, VA-based SugarOak Holdings Inc. sold the 48,244-square-foot Concorde Center in Austin. Houston-based Tarantino Properties acquired the Travis County retail property at 4631 Airport Blvd.

Concorde Center is a 22-year-old neighborhood center with an average rent of $16 per square foot/year. It has 16 stores, including anchor tenant Dollar General with 9,988 square feet, Eric’s Billiards & Deli Arcade at 9,600 square feet and Labor World of Austin with 4,237 square feet. The property has surface parking for 208 vehicles.

David Simmonds, senior vice president at The Weitzman Group, said, "We took over the leasing and management of the center about 1.5 years ago when it was 66% occupied and then leased it up to 91% and then sold it; we took it from beginning to end with our leasing, management and investment sales services."

Tarantino Properties will take over the leasing and management of the property.

SugarOak Holdings originally purchased the property in February 2005 from Wichita, KS-based SK Properties LP.

Simmonds and Matt Epple of The Weitzman Group represented SugarOak Holdings. Anthony Tarantino represented Tarantino Properties.

Source : CoStar Group

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