AUSTIN, TX (April 21, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Tech Ridge L.P. has selected George Cushing, executive vice president, and Wendy Vandeventer, vice president, both members of the company’s Investment Services group, to market Tech Ridge Center (top left photo), a 331,144-square-foot grocery-anchored shopping center in northeast Austin. The property will be marketed without an asking price, but is expected to sell for approximately $70 million. “Tech Ridge Center is well located at the intersection of two of Austin’s primary thoroughfares and offers potential owners a strong net operating income of more than $4.6 million,” said Cushing. “Adding to the property’s appeal is that the majority of its tenants are national companies, with a few regional retailers in the mix.”
Located at 500 Canyon Ridge Drive, Tech Ridge Center was built in three phases between 2001 and 2007 on roughly 60 acres of land situated at the southeast corner of Interstate 35 and Parmer Lane. The property is 97 percent leased to numerous tenants, including H-E-B Grocery, one of the largest private employers in Texas; JCPenney Corporation Inc.; Office Depot Inc.; Petco Animal Supplies Inc.; Schlotzsky’s Franchise LLC; Bank of America N.A. and Cullen/Frost Bankers, Inc.
For more information, call 713.626.8888, or contact Cushing at george.cushing@grubb-ellis.com , or Vandeventer at wendy.vandeventer@grubb-ellis.com.
Contact: Julia McCartney, Phone: 714.975.2230
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