Cypress Equities companies* announced today that it has closed on acquisition of approximately 12.72 acres located at the southwest corner of Lakeline Boulevard and Crystal Falls Parkway in Leander, TX. This parcel will be the site of Crystal Falls Town Center.
Crystal Falls Town Center will be a grocery-anchored complex, encompassing 93,642 square feet of retail and restaurant space. Randalls has an executed lease for 63,182 square feet and will be the project anchor. Two smaller center tenants also have executed leases. Cypress is currently undergoing negotiations with additional retail and restaurant tenants.
“The surrounding area demographics made this acquisition an attractive addition to the Cypress portfolio,” said Chris Maguire, chief executive officer for Cypress Equities. “Along with the commitment from Randalls as a strong grocery anchor for Crystal Falls Town Center.”
Construction on Crystal Falls Town Center is estimated to begin in late summer 2015, with a completion date slated for September 2016. SRS Real Estate Partners in Austin will be conducting leasing for the center.
About Cypress Equities
Cypress Equities* (Cypress) was founded in 1995 and has since established a national reputation synonymous with the premier development, operation and management of destination-class retail and mixed-use properties throughout the U.S. Historically, Cypress has developed and acquired more than 18 million square feet and currently is developing and managing a portfolio of more than 10 million square feet of retail, office, residential and automotive real estate. Today, there are seven Cypress Equities offices throughout the U.S., including Dallas (headquarters), Chicago, New York, San Francisco, Atlanta, Phoenix and Fort Lauderdale. Visit www.cypressequities.com for more information.