AUSTIN, TEX. -- Hancock Shopping Center, a 27-year-old outdoor mall near the University of Texas campus, has been sold to a Maryland company that is planning to spend $10 million on renovations, it was announced last week.
The center was purchased by Bethesda-based Interstate Equities Inc., a privately held company whose parent firm owns or controls 13 million square feet of real estate nationwide.
The company declined to say how much it paid for the center, which was purchased by Interstate under the name Interprop Hancock Limited Partners.
Hancock had been owned for more than 10 years by Kingsmere Corp., a Delaware-registered firm controlled by a Dutch pension fund.
Kingsmere had announced a major remodeling of the center in 1988 but the work never started.
Hancock was one of the city's first suburban shopping centers when it was built in 1963 by Homart Development, an affiliate of Sears, Roebuck and Co.
Meredith Olson, president of Interstate Equities, said the renovations will give the center about 460,000 square feet of retail space and improve visibility from the street.
About 70 percent of the center is leased.
The renovation work is expected to begin later this summer and be finished by spring 1991.