JLL Capital Markets closed the sale and arranged the acquisition financing for Southpark Meadows I & II, one of the largest regional shopping centers in South-Central Texas
News release
01 November 2022
938,103-square-foot retail center in Austin sells
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DALLAS, Nov. 1, 2022 – JLL Capital Markets announced today that it 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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.