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An Austin developer has purchased a former Service Merchandise store in North Austin and has office tenants in tow to take about 60,000 square feet.
Sources say Peter Barlin of Austin-based ASC Management Inc. bought the 86,000-square-foot main building and three outparcels this month from Cleveland-based Developers Diversified Realty Corp. for an undisclosed sum.
The 10-acre property is on the east side of Airport Boulevard between Huntland Drive and Highland Mall Boulevard. In addition to the former Service Merchandise, the tracts include three outparcels leased to a Jack in the Box, a Payless Shoesource, a gas station and another small restaurant
Barlin couldn't be reached for comment.
Scott Schroeder, a spokesman for Developers Diversified in
Cleveland, says he didn't think a sale had closed and declines
to discuss potential buyers.
Schroeder says his company acquired all of Service Merchandise's real estate when the retailer filed for bankruptcy in March 2002. Developers Diversified has been...