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.