JLL Arranges Sale of Casis Village, Austin's Grocery-Anchored Retail Center in Tarrytown
AUSTIN, Texas — JLL has arranged the sale of Casis Village, a grocery-anchored retail center located in Austin's Tarrytown neighborhood, the firm announced Aug. 3. The sellers were a joint venture between Ivy Companies and 35 South Capital. Lincoln Property Company served as investment advisor to the buyer, a high-net-worth family office. The sale price was not disclosed.
The property is situated at 2727 Exposition Blvd., along a primary thoroughfare connecting downtown Austin to Tarrytown. The center sits on 3.39 acres and is 92% leased to a mix of service-oriented retailers. Tenants include Randall's, Estilo, Starbucks, Tarrytown Pharmacy, Zed's, and Face Foundrie.
A Captive Consumer Base in a High-Income Enclave
Casis Village is the only multi-tenant retail destination serving Tarrytown residents, whose access to alternative shopping is constrained by Lake Austin to the west and Mopac Expressway to the east. The surrounding neighborhood carries median home values above $2.3 million and average household incomes above $400,000.
JLL Senior Managing Director Chris Gerard said the transaction reflects the value investors assign to retail assets in affluent, supply-constrained locations. "The sale of Casis Village underscores the exceptional value investors place on irreplaceable retail assets in America's most affluent neighborhoods," Gerard said.
JLL Director Shea Petrick cited the property's market position and long-term potential as key factors. "The property's dominant position serving Tarrytown's captive consumer base, combined with substantial mark-to-market rent growth and long-term redevelopment potential, made it one of the most compelling retail investment opportunities in the country," Petrick said.
The JLL Capital Markets Sales and Advisory team representing the seller was led by Gerard and Petrick.
Austin Retail Fundamentals Support Demand for Infill Assets
The transaction comes against a backdrop of tight retail conditions across the Austin metropolitan area. Austin's retail inventory totals 123 million square feet at 97% occupancy. On a per-capita basis, the market offers approximately 44 square feet of retail per person — roughly 20% below the Sunbelt average — indicating structural undersupply relative to population.
When aging inventory, co-tenancy requirements, and the capital investment needed to modernize existing centers are factored in, the supply of competitive retail space is even more constrained than headline vacancy figures suggest.
The Austin MSA has posted 33% population growth and 43% job growth over the past decade, with more than 1,200 corporate relocations during that period. That expansion has contributed to sustained tenant demand for infill neighborhood retail.
About the Companies Involved
Ivy Companies is a real estate investment firm focused on identifying and developing opportunities through market research and analysis. The firm's team has been involved in more than $1 billion in real estate projects, with an emphasis on architecture, design, and brand differentiation.
35 South Capital is a Texas-focused real estate investment company that acquires, develops, and manages commercial real estate across high-growth Texas markets. Founded in 2021 by four industry veterans, the firm draws on more than 100 years of combined experience in acquisitions, development, leasing, and property management.
Lincoln Property Company is a full-service real estate firm offering investment management, leasing, development, and property operations services. The firm works with institutional and private clients to acquire, develop, and manage assets across major U.S. markets.
JLL is a global commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in more than 80 countries. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.
Sources: JLL Newsroom