Trademark and Cohen & Steers Acquire Oak Hill Plaza in Southwest Austin

Fort Worth-based Trademark and global investment manager Cohen & Steers have acquired Oak Hill Plaza, a 116,000-square-foot neighborhood shopping center at the northwest corner of US 290 and SH 71 in the Oak Hill submarket of Southwest Austin. Trademark will manage and lease the property and lead a value-add repositioning plan aimed at upgrading the center's physical condition and tenant mix.

The seller was Partners Capital, the investment platform of Partners Real Estate Company, which had held the asset through its Fund IV vehicle. Financial terms of the transaction were not announced.

A Value-Add Bet on Post-Construction Access

The acquisition is timed to the substantial completion of the Texas Department of Transportation's $674 million Oak Hill Parkway Project, a five-year construction effort that has now opened all main lanes, frontage roads, and ramps along the corridor. Additional work — including 14 miles of shared bicycle and pedestrian paths and 1.5 miles of new sidewalks — is expected to continue through the fall.

"The timing for this investment is perfect now that this major project is substantially complete," said Terry Montesi, CEO at Trademark. "Our research identified Oak Hill Plaza as a high-potential center years ago, and we are excited to have the opportunity to acquire this asset and expand our portfolio in Austin."

The property sits at what is commonly known as "the Y" in Oak Hill, a recognized intersection serving established residential neighborhoods in Southwest Austin. The center spans approximately 115,512 to 116,000 square feet of rentable area across a multi-tenant neighborhood strip configuration, with ground-floor retail and restaurant suites and some second-floor office space. Prior to this transaction, the property was approximately 95.8% occupied.

Tenant Roster and Repositioning Plans

Current tenants at Oak Hill Plaza include Wells Fargo, Pluckers, Dollar Tree, AutoZone, Jim's Restaurant, and The Picklr. Trademark plans to modernize the property and shift the tenant mix toward local and regional retailers and restaurants.

"There is a significant opportunity to enhance retail offerings in this underserved area of Austin, strategically located along an increasingly important gateway to the Texas Hill Country," said Tommy Miller, Trademark's Managing Director and CIO. "We are ready to start the revitalization process."

The center's address spans the 7100–7191 West Highway 71 range, at the intersection of US 290 and SH 71 in Austin's 78735 zip code.

Expanding Austin and Texas Footprints

Oak Hill Plaza represents Trademark's third property in the Austin metro area, joining Great Hills Market & Station. The firm also holds a portfolio of properties across Texas, including Market Street – The Woodlands and Dunham Pointe in Houston, and Shivers Farm, Galleria Dallas, Anthem, Left Bank, Westbend, Alliance Town Center, The Vickery, and Westbend Residences in the Dallas-Fort Worth market.

For Cohen & Steers, Oak Hill Plaza marks the firm's second shopping center acquisition in Austin in 2026, following the purchase of 1890 Ranch in Cedar Park earlier this year.

"We love Austin and recognized this property as a compelling opportunity with significant potential to create long-term value," said Josh Silverman, Principal at Cohen & Steers. "Trademark has a proven track record of elevating retail centers with untapped potential, and we look forward to what's next for Oak Hill Plaza."

Austin Retail Market Context

The acquisition comes amid active conditions in the Austin retail investment market. Austin retail transactions in the second quarter of 2026 averaged approximately $338 per square foot, with market cap rates for retail assets near 6.4%. Strip centers and multi-tenant retail properties have been trading in a roughly 6.5% to 8.5% cap rate range regionally, with well-located assets at the lower end of that band.

Sources

Trademark Property Company — Official Announcement