Buyer talks of expanding site
By LYNETTE HAALAND
Four Points News
PacVentures Inc. plans to redevelop and potentially expand the former Walmart Supercenter site, which includes nearly 40 acres and the 220,000-square-foot building in Four Points
“This property is unique in that it can accommodate 220,000-square-feet immediately and up to 550,000-square-feet upon complete build out – a rarity in that area,” said Joe Simmons, Austin’s local partner for PacVentures, a commercial real estate investment firm based in San Diego, Calif.
In late August, PacVentures acquired the property at 8201 N. RM 620, and AQUILA Commercial is marketing the property.
“As the Austin metro area continues to grow and traffic woes increase, more companies are looking for office options in locations that are located near desirable neighborhoods with good schools,” said Ben Tolson, a principal with AQUILA, which manages and leases over 7.8 million square feet of office, industrial and retail properties and has over 400 corporate tenant representation clients.
“We think our (former Walmart) location provides a great option near the in-demand neighborhoods of Lakeway, Steiner Ranch, River Place and along the 620 corridor that will allow employees to work near where they live.”
The Travis Central Appraisal District valued the 10-year-old building at $15.6 million this year, according to the Austin-American Statesman.
According to LoopNet, the building has extensive exterior finish outs and landscaping and there are six docks located at the rear of the building. Additionally, the marketing site calls Four Points “an affluent area of west Austin in a high barrier to entry submarket. Concordia University is adjacent to the north with an enrollment of 2,658 students.”
Simmons describes the investment as a tremendous opportunity to create a new environment for users requiring a large amount of office or other commercial space.
“Our marketing efforts will focus on attracting large, creative office users that require significant parking as well as those that envision creating a corporate campus environment,” Simmons said.
PacVentures has been approached by non-traditional, special-use tenants including schools and sports complexes.
The Four Points Walmart Supercenter opened in January 2007 and closed January 2016, along with Walmart’s biggest round of store closing ever, according to Anne Hatfield, Walmart spokesperson in an earlier Four Points News report.
While the property did not work out for a Walmart, PacVentures is confident that it will prove successful for other types of commercial users.
Craig Andrus, a veteran retail broker and principal with AQUILA Commercial, believes the Walmart closed because it was situated between other successful competitors and because the set-backs required pursuant to the Hill Country Roadway Ordinance limited visibility.
“The site did not make for a great retail location because of the competition and because of its lack of visibility,” said Andrus. “Office and other uses do not require such visibility. In fact, being in a tree-lined environment in close proximity to the Balcones Canyon Preserve will be seen as an advantage for office users creating a very unique and desirable setting.”
The Balcones Canyonlands Preserve is comprised of over 30,000 acres and is one of the nation’s largest urban preserves.