Morris and Jeanes of Weitzman broker $14.25 million sale of 99,000 s/f center

Continuing to expand its real estate portfolio, Manhattan-based ATCO Properties & Management has purchased Crossroads Center, a 99,000 s/f neighborhood shopping center for $14.25 million. Located at the intersection of Research Blvd./U.S. 183 and Burnet Rd., the center is currently 70% leased to a mix of national tenants like Bennihana, Chili's, West Marine, Cycle Gear, as well as local favorites Trudy's, Plucker's and Big Daddy's Burgers. The Weitzman Group represented both the buyer and seller in the sales transaction, with Lance Morris representing Crossroads Shopping Center and Ryder Jeanes representing ATCO. "We're excited about expanding our presence in the Austin marketplace with our second shopping center acquisition here," said ATCO's senior VPDamon Hemmerdinger, who noted that ATCO plans to begin a modest capital improvement program that will include parking lot resurfacing, adding locally-grown, drought-resistant plants to facility landscaping and signage upgrades. Crossroads is the latest transaction in ATCO's City Center Real Estate Joint Venture Program, the $200 million core-plus investment program for the acquisition of prime real estate projects such as neighborhood shopping centers and downtown office buildings in select secondary markets like Charlotte, NC and Denver, CO; as well as in prime markets like New York City. A prominent owner/manager of residential, commercial, industrial and retail space, ATCO currently has investments in over $2 billion worth of institutional-quality real estate assets nationwide. The company's portfolio includes such properties as 555 5th Ave., 40 Central Park South, 381 Park Ave. South and 630 Third Avenue in New York, as well as the Shops at 360 - ATCO's first Austin, Tex. acquisition. For more information on ATCO, please contact 212-687-5154 or visit the companies' newly designed website www.atco555.com.