Southpark Meadows parcel on the market

Feb 28, 2014
Community Impact

Austin-based Endeavor Real Estate Group, which developed the mixed-use property Southpark Meadows, announced in January that the property’s third phase—Southpark Meadows III—hit the market

Real estate firm CBRE’s National Retail Investment Group is marketing the 257,988-square-foot Class A site on 25 acres at 9900 S. I-35 on behalf of Endeavor

Endeavor is preparing to break ground in March on one of the final pieces of the Southpark Meadows puzzle: a 40,400-square-foot Conn’s building in between Spec’s and Sam’s Club in Phase III, Endeavor principal Will Marsh said

Southpark Meadows includes about 1.6 million square feet of retail space and is the largest single shopping destination in the Austin metro area, said Chris Gerard, CBRE Group Inc. senior vice president

An outdoor amphitheater once stood on the property near what is now The Grove—a stretch of land in Phase II where the development has hosted music and events in the shade of a few live oak trees. From the 1980s to about 2000, Southpark Meadows served as a concert venue, hosting acts including The Police and Crosby, Stills, Nash & Young, according to Henry Gonzalez, grounds supervisor with the South Austin Popular Culture Center

The amphitheater had already closed before Endeavor’s involvement started around 2001 with the purchase of a 35-acre parcel that was not associated with the concert venue site, Marsh said. The firm developed, leased and managed Phase I, more than 283,000 square feet of retail

In 2005 Endeavor bought a portion of Phase II from the Sanders family that included the amphitheater site, Marsh said. The second phase consisted of more than 850,000 square feet of retail. Endeavor preserved some of the original trees, sold part of the property west of the retail part of the project to residential companies and dedicated some land as park space, Marsh said

The 516,000-square-foot third phase includes a Cinemark theater, Spec’s and Sheplers Western Wear. Excluded from the portion for sale are Sam’s Club, Ashley Furniture and buildings along I-35, Gerard said. Larger retailers often purchase the property on which their stores are located

While Endeavor is selling Phase III, Canada-based company RioCan Real Estate Investment Trust owns and manages the first two phases of Southpark Meadows

RioCan owns 340 shopping centers in the U.S. and Canada, including 19 in Texas cities, said Oliver Harrison, vice president of asset management. Southpark Meadows Phase I is 100 percent leased, and Phase II is 93.4 percent occupied, he said. It is the company’s only property that includes both a Walmart Supercenter and a Super Target

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