CBRE National Retail Partners Arrange Sale of Lake Air Shopping Center in Waco

CBRE announced the sale of Lake Air, a 214,625 sq. ft. retail shopping center in Waco, Texas. Property Commerce Dividend Fund purchased the asset from HPI for an undisclosed price.

Blaine Dozier, Jim Batjer, Chris Cozby, Mark Witcher, and Harrison Tye with CBRE National Retail Partners arranged the transaction on behalf of the seller. Local agent Clay Fuller with Coldwell Banker Commercial in Waco also assisted on the sale.

Located at the high-traffic intersection of Bosque Boulevard and Wooded Acres Drive, the property consists of both Lake Air Mall, which is shadow anchored to one of the highest-performing Target locations in the state, and Lake Air Court. The development is 85% occupied with a diverse mix of regional and national tenants, including Dollar Tree, Melrose, Tuesday Morning, Twin Liquors, AT&T, Starbucks and Domino’s Pizza. The retail center is further bolstered by its proximity to the HEB grocery store directly across from Lake Air Court, which has approximately two million visitors per year.

“Lake Air serves as an essential destination for Waco’s loyal consumer base,” said Mr. Dozier, senior associate with CBRE. “There was tremendous buyer interest due to its ideal in-fill location, established tenancy and strong retailer performance within the center.”