Southpark Meadows section gets new owners

Update: A previous version of this story incorrectly listed Sam’s Club and Ashley Furniture as tenants of Southpark Meadows III.

The third phase of the Southpark Meadows shopping center in South Austin has new owners.

A joint venture between The Rainier Companies, based in Dallas, and Harbert Management Corp., headquartered in Birmingham, Ala., bought the 257,988-square-foot asset for an undisclosed price.

Southpark Meadows III was developed in 2007 and is about 94 percent occupied with tenants including Conn’s, Cinemark Theatre, Spec’s, Sheplers Western Wear and Half Price Books.

Chris Cozby, Chris Gerard and Kevin Holland, with CBRE Capital Markets’ National Retail Investment Group, along with Michael Maffia with Newmark Grubb Knight Frank, represented the seller, Austin-based Endeavor Real Estate Group.

“This is an irreplaceable asset just 8 miles from downtown on one of the city’s major thoroughfares,” said Travis Pritchett, managing director at Harbert Management Corp.

Southpark Meadows III is part of the larger, 425-acre Southpark Meadows mixed-use development along Interstate 35 south of Slaughter Lane. The development includes 1.6 million square feet of retail, making it the largest retail shopping destination in the Austin metro area.