Cypress Equities, based in Dallas, has acquired a 12.7-acre site in Leander for a grocery-store anchored retail center to be known as Crystal Falls Town Center.
The site is at the southwest corner of Lakeline Boulevard and Crystal Falls Parkway.
Randalls signed a lease for 63,182 square feet as the anchor tenant in the project, which has a total of 93,642 square feet of retail and restaurant space.
Cypress said in an announcement that it is negotiating with other tenants.
“The surrounding area demographics made this acquisition an attractive addition to the Cypress portfolio,” said Chris Maguire, Cypress Equities CEO, in a statement.
Construction on the project is estimated to begin in late summer, with a completion date slated for September 2016.
SRS Real Estate Partners in Austin is leasing the center.