SOURCE: Sandalwood

Sandalwood

November 02, 2012 06:00 ET

Sandalwood Gives Northwest Austin Retail Space a $2 Million Facelift

Austin Real Estate Firm Leads Infill Development of Prime Urban Location With Re-Invention of North Fork Shopping Center

AUSTIN, TX--(Marketwire - Nov 2, 2012) - Austin-based commercial real estate management firm Sandalwood today announced a $2 million renovation and name change for North Fork Shopping Center. Now named, The Hub, the 165,000-square-foot shopping center will provide contemporary, superior retail space for national and regional brands looking to tap into the explosive economic growth in northwest Austin. The shopping center is located at the intersection of Highway 183, State Highway 45 and RM 620.

The center will experience a transformed exterior and internal retail space, and its height will be raised to increase visibility from the elevated highways. Construction is underway and is slated for completion in March 2013. Long-term tenant Chair King will move to a fully revamped, 30,000-square-foot joint anchor position, while Strait Music and Factory Mattress will continue their standing at the west end cap of the center. The remaining interior space will be refurbished for new tenants as they move in.

"This area was once at the outskirts of city, but as Austin continues its rapid expansion north, it's now one of the highest traffic areas," said Colin Hodges, director of commercial leasing, Sandalwood. "Major new retail and commercial developments in Williamson County mean land costs have soared, so redeveloping older properties in prime locations like this, is a smart -- and green -- way to provide high end retail space at the heart of the market."

Sandalwood took over management of the 30-year-old shopping center in October 2011 and wasted no time developing a strategy to revamp the center and increase occupancy. Working with Austin-based, Block 16 Architects and Urbanists, Sandalwood created plans for a bright, modern, high-quality center worthy of one of the fastest growing areas in Austin. 

"The junction of Research and 45 is one of the busiest intersections in Austin, and it's a gateway to growth hot spots like Leander, Cedar Park and western Round Rock," said Jackie Barish, vice president, Chair King. "We want to capture that market, and The Hub, with its visibility and easy access from the highways, is the perfect location for us to do that."

A 30,000-square-foot anchor and two 25,000-square-foot junior anchor retail spaces are available for lease at The Hub. Contact Colin Hodges at 512-329-0752 or go to www.leasethehub.com for more information.

About Sandalwood
Sandalwood Management, Inc. is real estate investment and management firm dually headquartered in Austin, Texas, and Montreal, Quebec. The company holdings encompass 6 million square feet of retail and commercial space and more than 4,000 multi-family residential units in over 80 properties across North America.

Founded in Austin in 1985, the company has earned a reputation as an astute, enterprising property buyer, lessor, and manager that delivers above market returns for private and public investors. And after more than two decades of relentless growth, Sandalwood is now widely recognized as a leader in U.S. and Canadian real estate markets. 

Vision. Dynamism. Performance. ™ 

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