Gaston Place Shopping Center
Austin Redevelopment Opportunity | Below Market Rents | Rapidly Emerging Submarket
Marketing description
Secure Net Lease, as the exclusive listing broker and marketing advisor, is pleased to present the offering of Gaston Place Shopping Center, a fully stabilized shopping center located in the rapidly redeveloping submarket of North Mueller in Austin, TX.
The Property is located less than a quarter of a mile southwest of the I-35/U.S. 290 intersection and less than 15 minutes away from downtown Austin/Austin airport. Gaston Place is advantageously positioned less than a block from the brand-new Windsor Commons mixed-use multifamily development, which consists of 404 residential units along with a Class-A retail component. The Property features one of Austin’s most highly-sought restaurants–Little Deli & Pizzeria–who recently spent ~$1.2M on their finish out.
Gaston Place benefits from below market rents with an average base rental rate of only $18.94 psf, while other tenants in the center currently pay $30.60 psf. Additionally, nearby shopping centers are asking $38 psf, which speaks to the upside through rental increases to meet market rates. The asset also has the potential for vertical redevelopment in the future, creating an opportunistic covered land play with major potential upside.
The offering of Gaston Place presents a unique opportunity to acquire a stabilized, multi-tenant retail property perfectly positioned for future redevelopment in a continuously growing and highly sought-after submarket of the booming Austin, TX.
Investment highlights
- Below Market Rents - The Property currently has an average base rental rate of only $18.95 PSF while other tenants in the center are paying a base rate of $30.60 PSF, and nearby shopping centers are asking $38 PSF; this creates significant upside through rental increases to meet market rates.
- Potential Redevelopment Opportunity - Gaston Place is positioned for an aggressive vertical redevelopment, creating a significant upside opportunity for investors with development capabilities.
- Located Just North of The Mueller District with Proximity to Downtown and UT Campus - The Mueller District is a Modern East Austin neighborhood featuring popular retail, offices, and residential. Gaston Place is perfectly positioned to benefit from the recent growth in the submarket while enjoying immediate proximity to downtown Austin and The University of Texas.
- High Household Income - Situated in a high-spending submarket, the property benefits from impressive average household incomes of $107,031 within one mile and $139,119 within five miles.
- Adjacent to Brand-New, Mixed-Use Development - Gaston Place is adjacently located to Windsor Commons, a brand new, class-A, mixed-use multi-family and retail development that is now entering the second phase of the project.
- Features a Popular Restaurant with Recent Renovations - The second location of local favorite restaurant, Little Deli & Pizzeria, has recently put over $1 million in renovations and benefits from booming business, bringing much extra attention to the center.
- Minimum Landlord Responsibilities - 4 of the 5 tenants are on full NNN lease structures, minimizing landlord exposure.
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