Press Releases
Marcus & Millichap Arranges Sale of Six-Suite Retail Strip in Georgetown, Texas
November 25, 2025
GEORGETOWN, Texas, Nov. 25, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Shops at Teravista, a six-suite retail strip property in Georgetown, Texas.
“This was a newly constructed retail center with several tenants still completing their finish-out, providing a rare opportunity for a buyer to acquire well-located retail with a service-oriented tenant lineup in one of North Austin’s fastest-growing submarkets,” said Chris Gainey, senior managing director investments. “Retail in this area continues to show strong potential for NOI growth as both population and economic drivers trend upward.”
Gainey, along with investment specialists Philip Levy and Coleman Soloman in Marcus & Millichap’s Dallas and Austin offices, had the exclusive listing to market the property on behalf of the seller, an Austin-based developer, and procured the buyer, an Austin-based private partnership.
“The North Austin/Georgetown retail market remains one of the strongest in Texas, with vacancy rates hovering below 3%, average asking rents exceeding $35 per square foot for new Class-A product, and year-over-year net absorption among the highest in the nation,” added Gainey.
Located at 2080 Westinghouse Road, Shops at Teravista is a 16,152-square-foot, newly constructed retail center anchored by a mix of national and local tenants, including Tropical Smoothie Café, PetVet365, Dr. Sharma Dental, and Barking Armadillo Brewery. The center is on 2.32 acres near Round Rock Premium Outlets and Baylor Scott & White Medical Center – Round Rock.
“This was a newly constructed retail center with several tenants still completing their finish-out, providing a rare opportunity for a buyer to acquire well-located retail with a service-oriented tenant lineup in one of North Austin’s fastest-growing submarkets,” said Chris Gainey, senior managing director investments. “Retail in this area continues to show strong potential for NOI growth as both population and economic drivers trend upward.”
Gainey, along with investment specialists Philip Levy and Coleman Soloman in Marcus & Millichap’s Dallas and Austin offices, had the exclusive listing to market the property on behalf of the seller, an Austin-based developer, and procured the buyer, an Austin-based private partnership.
“The North Austin/Georgetown retail market remains one of the strongest in Texas, with vacancy rates hovering below 3%, average asking rents exceeding $35 per square foot for new Class-A product, and year-over-year net absorption among the highest in the nation,” added Gainey.
Located at 2080 Westinghouse Road, Shops at Teravista is a 16,152-square-foot, newly constructed retail center anchored by a mix of national and local tenants, including Tropical Smoothie Café, PetVet365, Dr. Sharma Dental, and Barking Armadillo Brewery. The center is on 2.32 acres near Round Rock Premium Outlets and Baylor Scott & White Medical Center – Round Rock.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
