JLL Capital Markets has closed the sale and arranged the acquisition financing of the 938,103-square-foot Southpark Meadows I & II, which is located in Austin, Texas and serves as one of the largest regional shopping centers in South-Central Texas.
JLL marketed the property on behalf of the seller, and Big V acquired the asset. JLL also worked on behalf of the new owner to secure a senior loan through Allianz.
Built in 2004 and 2008, Southpark Meadows I & II is anchored by a global discount department and grocery store and shadow-anchored by Target. Additional tenants include HomeGoods, Marshalls, Ross, Hobby Lobby, Burlington, Dave and Busters, Jo-Ann, Best Buy, Pluckers, Five Below and Rooms to Go. The center is currently 95% leased with approximately 104,000 square feet of new leases, including expansions and relocations of existing tenants.
Located at 9600 S I-35, the property sits directly off of I-35 and Slaughter Lane. The center benefits from a population of over 200,000 within a five-mile radius and an average household income of almost $100,000. Additionally, West Slaughter Lane, East Slaughter Lane and Interstate 35 offer a combined vehicles per day count of 230,500.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Chris Gerard, Barry Brown and Ryan Shore, Associate Robby Westerfield and Analyst Cole Sutter. Managing Directors Chris McColpin and Senior Managing Director Chris Drew led the JLL Retail Capital Markets Debt Advisory team that represented the buyer.