NEW YORK
Oxford Properties Group (“Oxford”), the global real estate investor, developer and manager owned by OMERS, and Pine Tree, a leading US retail real estate owner-operator, today proudly announced the acquisition of two high-quality retail assets in Austin, Texas – Wolf Ranch Town Center (“Wolf Ranch”) 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.
“This acquisition is both a unique opportunity and an exciting milestone for Oxford as we enter the US open-air retail sector alongside a proven best-in-class operator in Pine Tree,” said Ankit Bhatt, Head of US Investments at Oxford Properties. “Wolf Ranch and Lakeline Plaza house a diverse mix of resilient and complimentary retailers and embody our ethos of investing in high-quality, well-located assets that deliver both strong cash flow and long-term value. By acquiring these retail centers, Oxford creates a foundation for growth in a new sector, allowing us to leverage our global retail expertise to optimize tenant mix and drive performance.”
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.
“Wolf Ranch and Lakeline represent the type of high-quality, high-growth market retail investments we continue to target nationwide,” said Will Davis, VP, Investments at Pine Tree. “We’re excited to enter the Austin market with Oxford Properties as our partner and look forward to building on this new relationship.”
The transaction was brokered by Kyle Minter and Conor Lalor of Newmark.
