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JV Harvests $78.1M From 535,000-SF La Frontera

ROUND ROCK, TX-Sansone Group of St. Louis antes up more than the asking price for the two-year-old shopping center that launched the retail component to the 328-acre development. It's the joint venture seller's sixth sale this year.

By Tim Green | Updated on December 19, 2002

ROUND ROCK, TX-La Frontera Village fetched a premium as a St. Louis-based real estate company bought the 535,000-sf shopping center from the joint venture that developed it.

Sansone Group paid $78.1 million or $145.98 per sf to Developers Diversified Realty and Coventry Real Estate Partners for the center, which makes up about two-thirds of La Frontera’s retail space. The asking price had been $75 million.

The shopping center, which opened in fall 2000, was the first retail element of the 328-acre, mixed-use La Frontera development. The center’s anchor retailers are Barnes & Noble, Bed Bath & Beyond, Office Depot, Marshall’s, Old Navy, Hobby Lobby and Circuit City. The center also has a Kohl’s store and a Lowe’s Home Improvement store, but those properties were not included in the sale.

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