Newport Capital Partners Acquires Stassney Heights Shopping Center in Austin

Newport Capital Partners is pleased to announce the acquisition of Stassney Heights on behalf of its value add-focused Newport Capital Partners Fund III. The 103,030 square foot, grocery-anchored, multi-tenant, neighborhood shopping center is situated on the southwest corner of Stassney Lane and Interstate 35 in Austin, Texas. The Property was marketed to a limited, qualified buyer pool by CBRE’s Dallas team on behalf of a Northeast-based retail and industrial investment manager. Financing was provided by Wintrust Bank and arranged through Newmark.

Stassney Heights is currently 93 percent leased and anchored by Houston-based, Hispanic-focused supermarket Fiesta Mart. In line with the Fund III’s investment focus, the Property’s merchant mix is diversified and features Restaurants, Healthcare, Necessity, and Service-oriented tenants including Umi Sushi, Castle Dental, T-Mobile, and Clinica Hispana.

Stassney Heights is located in the densely populated and growing South Austin submarket, is less than seven (7) miles south of downtown Austin, the Austin-Bergstrom International Airport, and proximate to employment and education drivers. These factors along with visibility on Interstate 35 has contributed to the Property becoming the primary, necessity-based, neighborhood center serving the residents of South Austin and surrounding communities.

“This acquisition is Newport’s first investment on behalf of Newport Fund III and the Firm’s first investment in the state of Texas. We are thrilled to kick off Fund III with such a prominent asset, in one of the fastest growing major metros in the U.S.,” stated Principal & Head of Investments Ben Andrews. “Stassney Heights is a high-quality neighborhood center with a strong tenant roster that meets the daily needs of both consumers and merchants in this submarket. Retail industry veteran Stuart Brackenridge joined Newport earlier this year as Managing Director and has immediately become an integral part of our organization and Investments Team. His experience and leadership contributed to the sourcing and execution of this transaction.”