Simon Property Group and SMP Interests Inc. have agreed to buy Gateway Shopping Center in Austin, Texas. The 484,000 sq. ft. complex is located near several major arterial highways leading into Austin. The purchase price was not disclosed.

"We are very excited to add Gateway Shopping Center to our Austin holdings. Simon Property Group has a significant interest in the Austin market and Gateway is another prime property for us in Central Texas," says Myles Minton, senior vice president at Simon.

SMP Interests developed Gateway in phases between 1993 and 1996. The shopping center is now 99% leased, and has boasted above average occupancy over the past five years, according to Simon. Anchor tenants include Whole Foods, REI, Regal Cinema, Best Buy, The Container Store, Star Furniture, Linens N Things and Old Navy. Crate & Barrel is slated to open a two-story, 35,000 sq. ft. store late in 2004.

Gateway is located near The Arboretum, a 200,000 sq. ft. specialty retail center owned by Simon. The Shops at Arbor Walk — another Simon property that will soon be under development — is also located nearby on land owned by the University of Texas.