Big V Buys 938 KSF Retail Center in Austin
Allianz provided a $99 million acquisition loan.
Big V Property Group has acquired Southpark Meadows I & II, a 938,103-square-foot shopping center in Austin, Texas.
JLL Capital Markets brokered the transaction and arranged the acquisition financing. Allianz Life Insurance Co. of North America provided a $99 million, five-year senior loan, according to Travis County records.
Completed in 2004 and 2008, Southpark Meadows encompasses 30 one-story buildings that sit across a 92.7-acre site. One of the largest shopping centers in South-Central Texas, the property is anchored by a global discount department and grocery store and shadow-anchored by Target. Other tenants include Ross, Marshalls, HomeGoods, Best Buy and Five Below.
Located at 9600 South I-35, the facility is next to Interstate 45 and close to Routes 71 and 45. Mary Moore Searight Metropolitan Park and Onion Creek Greenbelt are in the property’s proximity. The population within a 5-mile radius exceeds 200,000 residents and the traffic count is approximately 13,391 vehicles per day, according to CommercialEdge data.
Senior Managing Directors Chris Gerard, Ryan Shore and Barry Brown, Associate Robby Westerfield and Analyst Cole Sutter from JLL represented the seller, with Managing Directors Chris McColpin and Senior Managing Director Chris Drew representing the buyer.
Chris Gerard and Ryan Shore, alongside Analysts Greyson Fewin and Pauli Kerr, recently arranged the sale of a five-block, 282,000-square-foot mixed-use development in Fort Worth, Texas.