AUSTIN, Texas, March 05, 2019 /PRNewswire-PRWeb/ -- World Class Property Company, one of the nation's largest privately-owned real estate investment firms, announced today it has closed on the acquisition of Arboretum Crossing, a 191,760 square-foot regional power center in Austin, Texas.
Arboretum Crossing is located in Northwest Austin at the intersection of Mopac (Loop 1), US Highway 183 (Research Blvd), and Capital of Texas Highway (Loop 360) at 9333 Research Blvd. The acquired property sits on 20 acres at the prime intersection of three of Austin's busiest thoroughfares.
"Arboretum Crossing is a flagship asset in a prime Austin location with significant barriers to entry," said Nate Paul, President and CEO of World Class. "This is a unique opportunity to reposition a significant shopping center in a highly visible location. This asset has tremendous potential due to its recent vacancy, which allows us to attract the right tenants in a supply-constrained market. Arboretum Crossing is a great fit for our long-term investment horizon in the Austin market."
Major tenants at Arboretum Crossing include Bed Bath & Beyond, World Market, Mattress Firm, and Ferguson Enterprises. The recent vacancy created by the bankruptcies of Toys "R" Us and Mattress Pro, as well as the vacancy of the former Five Below space, creates a rare 80,000 square-foot contiguous vacant space in the Arboretum/Domain submarket.
World Class acquired Arboretum Crossing from a publicly-traded REIT.
About World Class Property Company
World Class Property Company is a privately-held, diversified real estate investment company headquartered in Austin, Texas. World Class owns, operates and develops office, retail, multifamily, industrial, mixed-use, hospitality, and self-storage assets.
The company's portfolio of development sites in unparalleled, with entitlements for over 75 million square feet of potential development in its existing holdings in the nation's most dynamic markets.
World Class Property Company is committed to the long-term ownership of a high-quality portfolio, and a disciplined approach to actively managing our properties to create long-term value. World Class' ability to prudently acquire, develop and operate assets in high-growth markets is unmatched in the industry. Additional information can be found at http://www.worldclassproperty.com.
World Class Property Company is a subsidiary of World Class Holdings. World Class Holdings is a multi-billion dollar holding company that owns a diverse portfolio of assets and operating companies. World Class utilizes proprietary processes, a disciplined operating playbook, and a data-driven approach to creating long-term value at its companies. World Class has mastered scaling businesses while maintaining an entrepreneurial culture. Additional information can be found at http://www.world-class.com.
SOURCE World Class
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