Oxford Properties Group acquired two retail assets in Austin, Texas – Wolf Ranch Town Center and Lakeline Plaza – through a newly formed joint venture. The investment marks Oxford’s first transaction with Pine Tree and represents its entrance into the US open-air retail sector.
The retail portfolio spans one million square feet and includes two strong performing, grocery-anchored shopping centers which are home to some of the most recognizable national retailers in the US, including Target, TJ Maxx, Best Buy, Ulta Beauty and more. Aligned to Oxford’s conviction in high-quality, well-located assets with positive long-term supply and demand fundamentals, Wolf Ranch and Lakeline Plaza are both 99%+ leased and benefit from high visitor traffic driven by their strategic positioning in the Austin market.
The city of Austin continues to experience robust population and income growth, fueling consumer spending and thereby reinforcing Oxford’s conviction in the resilience and growth potential of the properties. Located at one of the Austin region’s busiest intersections, Wolf Ranch is a ~633,000 square feet open-air retail center in Georgetown that attracts over seven million annual visitors. Lakeline Plaza, southwest of Wolf Ranch, spans ~386,000 square feet at a core retail intersection in Cedar Park and features a strong mix of national brands and necessity-based retailers.
By entering the US open-air retail market, Oxford acquires assets in a sector that is durable and buoyed by a lack of supply, offering significant downside protection amid economic headwinds.
The acquisition of this two-property portfolio in the Austin metropolitan area – where Oxford has an existing presence in the residential and industrial sectors – builds on Oxford’s established global retail business that spans nearly 10 million square feet and represents ~$8.8 billion AUM. Known for attracting best-in-class retailers and achieving industry-leading performance, Oxford’s retail properties are visited by over 100 million people annually from across the globe. This includes flagship retail assets in the Greater Toronto Area which consistently rank as continental and national market leaders, according to the International Council of Shopping Centers (ICSC).
Pine Tree will operate the shopping centers on behalf of the joint venture, leveraging its proven 30-year track record of investing in, managing, and creating value across a diverse portfolio of retail assets across the US through multiple market cycles.
The transaction was brokered by Kyle Minter and Conor Lalor of Newmark.