Round Rock Shopping Center Changes Hands in Major Deal
Round Rock, Texas, is buzzing with excitement as a significant retail center has just changed ownership. University Commons, a bustling shopping destination anchored by the much-loved H-E-B grocery store, has been purchased by Regency Centers Corp., a company that specializes in developing and operating shopping centers. The value of the deal hasn’t been disclosed, but it’s clear that this acquisition is a big win for Round Rock.
Location, Location, Location
What makes University Commons so desirable? For starters, it boasts an unbeatable location along I-35, one of the busiest highways in the region. Imagine all the foot traffic flowing through from drivers and shoppers alike! Situated between the Round Rock Premium Outlets to the north and a shopping center with an IKEA directly to the south, University Commons is truly at the heart of a retail hub. Spanning just over 33 acres at 250 University Blvd, this shopping center is already almost fully leased, with a whopping 94% occupancy rate.
A Hub of Activity
With a total of 218,000 square feet of retail space, it’s no surprise that University Commons hosts a diverse mix of retailers. In addition to the larger-than-life H-E-B—occupying about 130,885 square feet—the center is home to popular names like T-Mobile, AT&T, Twin Liquors, Mattress Firm, and the charming Summer Moon Coffee. According to Regency’s Managing Director Patrick Krejs, the mall’s other tenants occupy roughly 71,247 square feet, making it a bustling marketplace that serves the community’s needs.
Strategically Selected
Barry Argalas, Managing Director of Transactions at Regency, didn’t hold back when sharing his enthusiasm about the purchase. “Opportunities to acquire dominant H-E-B centers in Austin are extremely rare,” he stated. “University Commons aligns perfectly with our strategy of owning dominant centers.” It seems Regency has set its sights on ensuring long-term success for both itself and the local community by enhancing merchandising through its extensive Texas network.
Future Prospects
As it stands, there are seven rental spaces available within the center, ranging from 1,500 to 2,853 square feet. This means that more exciting retail options could be on the horizon for the citizens of Round Rock! With Regency owning several other shopping centers in Austin and Round Rock—even three more alongside H-E-B—it looks like this company knows how to keep the momentum going. The broader Austin portfolio boasts an impressive 98% lease rate, showcasing Regency’s commitment to creating thriving shopping environments.
What Does This Mean for Round Rock?
In a nutshell, this acquisition means that Round Rock shoppers can look forward to an improved shopping experience. The addition of a management team that specializes in retail brought in by Regency could lead to exciting new store openings and even better services. University Commons stands out as a destination for both essentials and some indulgences. Whether it’s picking up groceries, enjoying a cup of locally brewed coffee, or shopping for the latest tech, this center is all set to fulfill those needs!
Keep an Eye Out!
Round Rock is on the up and up! Stay tuned as we watch how Regency Centers Corp. continues to shape the retail landscape in the area. Round Rock is blossoming into a shopping mecca, making it a delight for consumers, and with the new management strategies being put into place, there’s never been a better time to hit the stores!
