JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for Shops of Bella Terra, a 271,157-square-foot, institutionally owned and operated regional power center in the Houston-area community of Richmond, Texas.
JLL marketed the property on behalf of the seller. Fidelis Realty Partners LLC acquired the asset. Additionally, working on behalf of the new owner, JLL placed the 10-year, fixed-rate acquisition loan with Morgan Stanley.
According to Placer.ai data, Shops of Bella Terra is the most visited shopping center within a five-mile radius, which includes 222,815 residents earning an average annual household income of $162,371. Situated on 35.57 acres at 5472 W. Grand Pkwy., the center has frontage along the Houston’s Grand Parkway, Houston’s outer loop highway that services the northern and western suburbs. This location in Richmond places it in a growing Fort Bend County location near two of the nation’s top 20 master-planned communities.
Completed between 2008 and 2013, Shops of Bella Terra is 93 percent leased to a diversified merchandising mix that includes 24 Hour Fitness, Total Wine & More, Best Buy, Five Below, Ulta Beauty and pads that include Chick-fil-A, Whataburger and more. Additionally, vacant land for additional pad site development was included in the sale.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Barry Brown and Adam Howells, Managing Director George Cushing, Senior Director Wendy Vandeventer and Analysts Ethan Goldberg and Erin Lazarus.
“The significant buyer interest we received on Shops of Bella Terra is indicative of the broad liquidity taking shape in the retail sector targeting across deals of all sizes,” Brown said. “We are very pleased with the outcome of this transaction.”