SIG Closes On Sprawling 141,000 SF Shopping Center

AUSTIN, TX – Sands Investment Group (SIG) recently closed on Sky Ridge Plaza, a sprawling 141,000 SF shopping center with restaurants, stores, salons, and entertainment options. This establishment is located in Round Rock, TX, just outside one of America’s hottest investment markets, Austin, TX. 

The deal was facilitated and completed in 83 days at 96% of the list price by SIG Austin Shopping Center Investment Sales Team Lead, Ethan Offenbecher, and members of the Austin-based team. Through a strategic approach targeting the most active investors in the market, Offenbecher and the team secured seven offers, which created buyer competition and strong contract terms.

“After creating and thoughtfully distributing a comprehensive offering memorandum, Ethan Offenbecher conducted a call for offers, resulting in seven acquisition proposals. The buyer selected from this process closed at 96% of the list price, which was a remarkably good outcome considering the additional due diligence triggered by the nature of the tenancy and physical condition of a 35-year-old center, plus the generally rising interest rate environment from the call for offers until closing. The SIG team got the job done!” said the seller, Allan Reagan of Southwestern Retail Properties. 

Offenbecher conducted thorough underwriting of the asset, including analyzing the changing debt markets and recent trades in the Austin Metro. “In the sale of a center of this size, there are numerous issues that can arise and understanding what the buyer and seller are trying to achieve becomes paramount.  As an example, during the sale of Sky Ridge Plaza I, we worked with the seller and the buyer to achieve several significant lease renewals.” said Offenbecher. 

Along the way, the team encountered challenges that required timely decision-making. “While we were under contract, there was a 75 basis point rise in interest rates. A thorough and accurate due diligence vault allowed the buyer to lock in their interest rate early and hold the agreed upon price with minimal concessions which enabled a smooth closing,” said Offenbecher. The sale moved forward swiftly through closing due to buyer and seller motivation and the team’s collaboration and timely decision making. 

“We have recruited and grown a team that thrives on competition, solving complex problems and creating certainty in uncertain times.  Blake and Mike were instrumental in underwriting the deal and procuring the buyer. Once we were under contract, Kyle Kozora, SIG Austin Transaction Coordinator, worked closely with the buyer, seller, and title company to ensure a smooth closing,” said Offenbecher. 

“A deal with over 30 tenants requires a lot of moving parts. Having a keen understanding of how it needed to be underwritten was also a key part in ensuring that buyers had a transparent and accurate understanding. This helped to ensure that there were no other hurdles to overcome once we got under contract,” said Offenbecher. As a result, this built trust in the numbers and the process, leading to a smooth closing at 96% of the list price for this shopping center. Ethan Offenbecher, Blake Davis and Mike Van Shellenbeck, brought in a fantastic result for the buyer and seller alike.  

If you are looking for property valuation and a strong team to execute, please reach out to Ethan Offenbecher at 737.205.2056 | ethan@signnn.com

About Sands Investment Group

Sands Investment Group is a commercial real estate brokerage firm specializing in buying and selling investment properties across the United States. Since its founding in 2010, SIG has closed over 3,700 transactions worth more than $7.1 billion across 48 states. SIG currently has over $1.2 billion in active inventory. As a leader in the industry, SIG was the first to offer true sub-product type specialization. Sands Investment Group has offices in Santa Monica, CA; Charleston, SC; Charlotte, NC; Atlanta, GA; Austin, TX; Philadelphia, PA; and Fort Lauderdale, FL.

Call 844.4.SIG.NNN or contact us here to learn more about working with our team.