Cedar Park One of the Fastest Growing Areas in the Country

The 1890 Ranch shopping center in Cedar Park has been sold for $97.6 million to a joint partnership created by Chicago-based Inland Western Retail Real Estate Trust and Canada-based RioCan Real Estate Investment Trust.

The 486,896-square-foot shopping center, at the 183-A toll road and RM 1431, includes a Super Target, PetSmart, Academy Sports, Ross Dress for Less and a Cinemark theater.  Developed by Endeavor Real Estate Group, the shopping center opened in 2010.

The acquisition expands Inland Western’s portfolio in Texas to more than 10 million managed square feet, including more than 1.5 million square feet in the Austin market, Inland Western said in a news release.

“Cedar Park is located in the fourth-largest region in Texas, and it’s one of the fastest-growing areas in the country,” said Shane Garrison, chief investment officer of Inland Western. “We’re pleased to add 1890 Ranch to our venture with RioCan, and we will continue to execute on our strategy of acquiring Class A retail properties in high-growth metro areas.”

SOURCE:  Austin Statesmen, October 24, 2011, Staff Writer