IKEA Acreage Acquisition Spurs Center Construction

IKEA has completed an acquisition of 30 acres at Interstate 35 and Loop 1604 in the San Antonio suburb of Live Oak, TX. With that deal in hand, construction will begin on the 800,000-square-foot, 111-acre Live Oak Town Center. The IKEA store, the first in South Texas, will total approximately 300,000 square feet, with the remaining space, being developed by Weitzman, dedicated to retail, restaurant, entertainment and hospitality space.

IKEA is set to start construction on its store in spring 2018, with completion slated for spring 2019. Meanwhile, the adjacent retail and mixed-use space is set for first-phase completion in late 2019. Weitzman’s Michael Schoenbrun is directing development of Live Oak Town Center, while the company’s David Nicolson has oversight of marketing, leasing, sale and build-to-suit activities.

For comments, questions or concerns, please contact Texas Commercial Real Estate News Editor Amy Sorter