AUSTIN-- A joint venture between Dallas-based The Rainier Cos. and Birmingham, Ala.-based Harbert Management Corp. (HMC) has purchased Southpark Meadows III, a 257,988-square-foot class A super-regional power center, for an undisclosed price. CBRE Capital Markets' National Retail Investment Group and Michael Maffia of Newmark Grubb Knight Frank (NGKF) announced the sale on behalf of Endeavor Real Estate Group.

“Southpark Meadows III had a short, highly competitive marketing campaign and this sale is in line with the core pricing of the Austin market,” Chris Gerard, vice president for CBRE, told GlobeSt.com. “This is a high-quality, brand-new development, so no improvements or changes are necessary at this time.”

Southpark Meadows III, located at 9900 Interstate 35, is part of Austin-based Endeavor's 425-acre mixed-use development that includes 1.6 million square feet of retail and it is the largest retail shopping destination in the Austin metro. 

“This is an irreplaceable asset just eight miles from downtown on one of the city's major thoroughfares,” says Travis Pritchett, managing director at HMC.

Current anchors include Conn's, Cinemark Theatre, Spec's, Sheplers Western Wear and Half Price Books, and the center is shadow-anchored by Sam's Club and Ashley Furniture. The asset is 93.8 percent occupied; Endeavor will retain management and leasing.

“Southpark Meadows III's location on Interstate 35, in the rapidly growing south Austin trade area, makes it a perfect fit for Rainier,” says Rob Jones, Rainier principal. “We love the location and tenant mix of destination clothing and housewares retailers, eateries and cinema,”

Gerard, Chris Cozby and Kevin Holland, with CBRE, along with Maffia, represented the seller.