Presidium continues East Riverside real estate buying spree

Article provided by: The Austin Business Journal

Presidium Group continues to lock up significant real estate assets in Austin — this time purchasing a 66,000-square-foot retail center in the heart of the East Riverside Drive corridor that is home to the Emos nightclub.

The purchase price of the center at 2015 E. Riverside Drive was not disclosed.

Records at the Travis Central Appraisal District show the center, including about six acres of land, was most recently valued at $11,177,988, a 273 percent increase in value since 2011.

Jim Young of Longbow Real Estate Group represented Presidium in the deal, which closed May 12. It was an off-market transaction. Presidium has offices in Dallas and Austin.

Young had been prospecting the area on behalf of Presidium and connected with owner Rivermen LLC. That entity is managed by Darryl Kunik, an investor and restaurateur previously profiled by Austin Business Journal. Kunik is a partner with Chef Tyson Cole in the Uchi and Uchiko restaurant brand.

Rivermen owned the property since 2010. It's in an area, which Young noted recently in a data study, that has a dearth of retail real estate to service numerous recently constructed apartment complexes and single family homes. Many other projects are under construction nearby, and Oracle plans to build a corporate campus a short distance awa y.

Young will serve as the listing agent for a 5,000-square-foot creative office space that will be crafted from an underutilized area at the back of the center.

"I'm already being bombarded with calls," Young said.

Current retail tenants include Emos, Mud Puppies, a pet grooming and boarding facility and Midway Sports Bar.

Presidium also owns a 5.6-acre site at 1600 Pleasant Valley Road and other apartments nearby. A few weeks ago, the company purchased Balcones Club, an apartment complex in the northwest submarket.

blog  post ain website photo-1

Author: Monte Davis

Share This Post On

Submit a Comment

Your email address will not be published. Required fields are marked *