70-Year Old Austin Retail Asset Changes Hands for the 1st Time

Casis Village traded for the first time in its history. Image courtesy of Ivy Cos.

A joint venture between Ivy Cos. and 35 South Capital has acquired Casis Village, a 48,500-square-foot retail center in Tarrytown, Texas. The asset was built by the Bryant family in 1952 and changed hands for the first time in its history. Endeavor Real Estate Group’s Principal Dan Frey worked on behalf the seller in the transaction, while the buyer was represented in-house.

The Randalls-anchored store is one of the few retail centers serving Tarrytown and the surrounding West Austin neighborhoods. Casis Village is home to various local tenants including Tarrytown Pharmacy, Estilo Boutique, Food Food and L Majors Jewelers, as well as to national companies such as Benchmark Bank and Starbucks.

The new owners plan to renovate the facade, landscaping and common areas of the retail center that was fully leased at the time of closing. RUE Realty will handle the property’s future leasing arrangements.

Located at 2727 Exposition Blvd. in the West Central submarket, Casis Village is in the 78703 ZIP code, which ranked the 10th wealthiest in Austin, based on a 2021 median household income of more than $125,000. Downtown Austin is roughly 4 miles southeast.

After a strong first quarter, the Austin retail market showed further signs of growth in Q2 2023, according to a CBRE report. Vacancy decreased by 30 basis points over the quarter to 2.8 percent, while more than 500,000 square feet of new space entered the metro’s inventory. The West Central’s vacancy rate was at 6.9 percent.