Tenant-focused developer buys one of Austin’s biggest centers
Big V Property Group, a landlord whose motto is “We succeed when our tenants succeed,” has made a big new acquisition in Austin, Texas.
JLL Capital Markets arranged the financing and closed the sale of the nearly million-sq.-ft. Southpark Meadows I & II, one of the largest regional shopping centers in South Central Texas.
Southpark Meadows is the fifth center Big V has purchased from Blackstone, one of the world's biggest owners of commercial real estate. The acquisition price was not announced.
“We are very excited to be entering the Austin market with such a premium asset. “We have some great plans for Southpark Meadows and we are looking forward to working with the Austin area officials on improving and upgrading the center,” said Big V CEO Jeffrey Rosenberg.
The new owner's Early plans for Southpark Meadows include a new playground and activation area, LED lighting installation, parking lot upgrades, and landscaping improvements.
Anchored by Walmart and shadow-anchored by Target, the 95%-occupied outdoor center also includes HomeGoods, Marshalls, Ross, Hobby Lobby, Burlington, Dave and Busters, Jo-Ann, Best Buy, and Five Below.
Big V, which operates 48 centers across the United States, puts forth the mission of buying and maintaining top-performing properties to create “a partnership based on trust and a shared goal of tenant success.”
During the height of the pandemic, the landlord created curbside pickup stations and “We’re Open, Take Out” banners for restaurants at all of its centers. It also purchased meals from them that were donated to health care workers at local hospitals.
Located directly off I-35 and Slaughter Lane in Austin, Southpark Meadows serves a population of more than 200,000 residents within a five-mile radius. Average household incomes in the market area near $100,000.
Big V Properties maintains offices in Charlotte, N.C., and Florida, NY. It operates more than 9 million sq. ft. of retail space in centers mostly located east of the Mississippi River, though it has a presence in Texas, Arizona, and Colorado.