JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for Fairway Retail Center, a 49,600-square-foot, fully leased strip retail center in the Houston-area community of Pasadena, Texas.

JLL marketed the property on behalf of the seller, an affiliate of Camden Securities Company. A private investor group managed by Concierge Management and led by Akbarali Momin acquired the asset. Additionally, working on behalf of the new owner, JLL placed the 10-year, fixed-rate acquisition loan with Starwood Mortgage Capital.

Fairway Retail Center was completed in 2002 and is home to a diverse mix of national and local tenants that includes Mattress Firm, Chipotle, Pearle Vision, GameStop, Ramen Sun, Lovett Dental, Vitamin Shoppe, Massage Heights, AMC Nails, Wingstop and Jersey Mike’s. The fully occupied retail property is shadow-anchored by Target, Kohl’s, and Hobby Lobby.

Situated on 4.63 acres at 5575-5769 Fairmont Pkwy., the center has frontage along the primary east-west thoroughfare in Pasadena, a highly desirable suburb approximately 10 miles southeast of downtown Houston, and near Beltway 8, one of Houston’s primary outer loops. Fairway Retail Center serves a growing trade area housing 87,714 residents earning an average annual household income of $76,860 within a three-mile radius.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Rusty Tamlyn and Ryan West and Analyst Bryan Strode. George Tesfa with Commercial Partners represented the buyer in the sale.

“Fairway Retail Center has been a consistently well-occupied strip retail center even through the pandemic due to its small space configuration and location in front of top-performing Target and Kohl’s locations,” Tamlyn said. “It also enjoys a strategic location at the intersection of the Sam Houston Tollway at Fairmont Parkway in Pasadena with great access and visibility.”

The JLL Capital Markets Debt Advisory team representing the new owner included Senior Director Michael Johnson and Analysts Jack Britton and Stuart Hepler.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

HOUSTON, October 1, 2021 – DC Partners, the real estate development and investment firm, announced today the topping out of 4411 San Felipe, a mixed-use mid-rise Class A+ office and retail building. Now 60% leased, DC Partners is also pleased to announce their newest tenant CIEL Restaurant Lounge, a luxury dining experience from Le Ciel Hospitality.

CIEL Restaurant + Lounge has signed a 10-year lease on 8,117 square feet of first-level retail space. Led by general partners Fasl Ty, Ryan Henry, and Adel Sadek, CIEL (pronounced SEA el) will deliver a sophisticated dining and entertainment experience, unique in Houston. The chef-driven menu will feature modern Japanese and French cuisine, craft cocktails and a curated selection of champagne, wine and beer. With live performers, a DJ and more, CIEL promises a distinctive, luxe environment where you can eat, drink and celebrate.

“We are so pleased to be part of 4411 San Felipe and have already enjoyed working with DC Partners,” said Ryan Henry, President and Co-Founder of Le Ciel Hospitality. “We are located in the middle of Houston’s premiere dining and entertainment area, and we can’t wait to bring this concept to life.”

Located inside I-610 West Loop South, 4411 San Felipe features a modern glass and steel edifice designed by HOK. The building features high-end retail on street-level, four-level podium parking garage and three floors of Class A+ office space. Offering the ideal “park and stay” work environment, the project is within walking distance to River Oaks District and is minutes from the Galleria and Uptown Park.

“4411 San Felipe is in a great location as it is part Galleria and River Oaks and that’s a big reason why tenants are quickly coming on board,” says Acho Azuike, chief operating officer for DC Partners.

Advancial Federal Credit Union, SIBS International and DC Partners, who will move their headquarters to the new building, have signed office leases. Construction is planned to be completed in Q4 2021.

The Colliers leasing teams for the building include Bill Insull, Blake Virgilio and Bob Parsley for the office portion and Hannah Tosch and Kim Lenardson for the retail portion. CIEL was represented by Doug Freedman of United Equities, Inc.

“We are pleased to see the progress of 4411 San Felipe, and look forward to the building be completed in December,” said Blake R. Virgilio, Vice President of Colliers. “The market has shown continued demand for new construction and we’re ready to continue the lease-up of Uptown’s newest mixed-use development.”

James Kadlick and Harrison Kane of Rockspring Properties represented the owner of 3724 Creekmont on the sale of 23,000 square feet of newly constructed industrial space. The buyer, Eustler Technical Products was represented by Russell Simmons of Texas Area Properties.

HRTCS LLC leased 2,181 square feet at 1880 S. Dairy Ashford in Houston, TX. Kacie Skeen and Austin Brodeur represented the landlord, Hartman Income REIT.

Doo Yong Park d/b/a Goody’s renewed 3,575 square feet at 6-18 Uvalde in Houston, TX. Wil Logan represented the landlord, Hartman Income REIT.