CBRE Arranges Sale of Prime Retail Development on West 6th Street in Austin, Texas
October 25, 2023
CBRE has announced the sale of West Side Village, a two-story, 51,392-sq.-ft. retail development located along West 6th Street in the Clarksville neighborhood of Austin, Texas, just minutes from downtown. Riverside, an Austin-based real estate investment firm, acquired the property.
“This was an incredibly unique opportunity because of the property’s location along West 6th Street, the demographics of the Clarksville neighborhood, and the area’s strong retail core,” said Mr. Bailey, Senior Vice President with CBRE in Austin. “This resulted in a very competitive bidding process that saw our clients receive over 20 real offers.”
Located at 1214 & 1312 West 6th St., the 51,392-sq.-ft. mixed-use building is currently vacant and was constructed in 1951. Sitting on 1.75 acres, the previous owners had plans to build a 100,000-sq.-ft. bespoke office building with ground-floor retail on the site before ultimately selling.
“The West 5th & 6th Street corridors have as much momentum as any micro-market in the city, if not the nation,” said Mr. Reichle, First Vice President with CBRE. “Our team was encouraged by the activity our marketing process generated and we can’t wait to see the buyer transform the property for all of us to enjoy.”
Located just down the street from West Side Village is Riverside’s latest project, Sixth & Blanco, designed by Herzog de Meuron. The five-story mixed-use development will include fine modern retail and restaurant space, a bespoke hotel with pool, bathhouse and spa, and ten luxury homes. Over the last three decades, Riverside has contributed to Austin’s reputation for technology, innovation, and its active urban lifestyle, through a portfolio of standout properties that have set new standards for performance throughout the region.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.