Cypress Equities companies* announced today that it has closed on the acquisition of approximately 11.17 acres located at the southwest corner of Williams Drive and Jim Hogg Road in Georgetown, TX. This parcel will be the site of the new Oak Meadows Marketplace.
Oak Meadows Marketplace will be a grocery-anchored complex, encompassing 77,050 square feet of retail and restaurant space. Randalls Food and Drug has an executed lease for 57,655 square feet and will be the project anchor. Cypress is currently undergoing negotiations with additional retail and restaurant tenants.
“The surrounding area demographics made this acquisition an attractive addition to the Cypress portfolio,” said Chris Maguire, chief executive officer for Cypress Equities. “Along with the commitment from Randalls as a strong grocery anchor for Oak Meadows Marketplace.”
Construction on Oak Meadows Marketplace is estimated to begin in January of 2017, with a completion date slated for November of 2017. SRS Real Estate Partners in Austin will be conducting leasing for the center.
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