JLL’s Capital Markets Group arranged a $1.2 billion refinancing package for NorthPark Center, a Class A++ super-regional shopping center in Dallas, Texas.

JLL represented the borrower, NorthPark Management Company, owned and controlled by the Nasher/Haemisegger family, in securing a $1.2 billion loan led by Wells Fargo, with Morgan Stanley and Goldman Sachs. The new financing will retire the existing mortgage, with all excess proceeds used to redeem the equity interests in the property and return full ownership back to the family.

Celebrating its 60th anniversary this year, NorthPark Center was originally developed in 1965 and has undergone continuous improvements and expansion. The 1.9 million-square-foot shopping, dining and cultural destination features more than 190 tenants, 75 of which are market exclusives. Major anchors include Neiman Marcus, Nordstrom, Macy’s, Dillard’s, Eataly and a 15-screen AMC theater. The center boasts an exceptional 98.6% occupancy rate and is recognized as one of the top five shopping destinations in the United States.

NorthPark Center is strategically located at the intersection of Northwest Hwy and US-75 in Dallas, providing exceptional accessibility and visibility, drawing visitors from throughout both the Dallas-Fort Worth metroplex and internationally. The center benefits from its proximity to affluent neighborhoods including Highland Park, University Park and Preston Hollow, as well as major employment in the Dallas market.

NorthPark’s collection of internationally acclaimed 20th and 21st century art turns shopping and dining into a world-class cultural experience. Comprised of over 50 works from the Nancy A. Nasher and David J. Haemisegger Collection and many works on loan from the Nasher Sculpture Center, as well as other museums and institutions. NorthPark’s rotating collection makes museum-quality art accessible to all. The shopping center’s public art program also presents exhibitions throughout the year from partnering artists, museums, universities, galleries and institutions.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Timothy Joyce, Executive Managing Director Trey Morsbach and Director Matt Maksymec.

Adolfson & Peterson Construction (AP), a national, family-owned construction management and contracting company, started construction on phase two of Pacific Elm Properties’ multifamily adaptive reuse project at the iconic 50-story Santander Tower in Downtown Dallas. Located at 1601 Elm St., Santander Tower is in the heart of the Dallas Central Business District.

Phase two of Peridot Residences will add five floors and 105 one- and two-bedroom residences within this integrated mixed-use development. Upon completion, residents will experience the Peridot lifestyle of redefined urban living and working.

AP completed phase one of the project in October 2024, converting a total of 14 floors into 291 apartment units and amenity spaces. Pacific Elm, in collaboration with Mintwood Real Estate, redeveloped Peridot Residences from former office space into luxury multifamily housing.

Resident amenities include a swimming pool, dog park, fitness center, pickleball court and Pilates studio. The building also contains meeting rooms and lounges for community gatherings and events.

Pacific Elm, in collaboration with Mintwood Real Estate, WDG Architecture and Swoon the Studio among other consultants, has successfully created a true vertical mixed-use development with on-site dining options, a boutique hotel and luxury residences within one tower.

This project contributes to the current adaptive reuse trend across the country. Former non-residential buildings were converted into apartments at a rapid pace, with more than 12,700 units created, up 17.6% from 2022, according to rentcafe.com. According to the National Apartment Association, 55,000 adaptive reuse projects were noted, with the top cities being Dallas, Washington, D.C. and New York, among others, at the end of 2024.

Partners Real Estate arranged the sale of a 10,623-square-foot ambulatory surgery center at 2813 Smith Ranch Road in Houston, Texas.

Ryan McCullough, Partner and medical investment sales specialist, represented the seller in the transaction. The property is a fully equipped, turn-key ambulatory surgery center, strategically located to serve the growing healthcare needs of the Houston market.

 JLL Capital Markets arranged the sale and financing of Sugar Park Plaza, a 95,032-square-foot, neighborhood retail center proximate to the Sugar Land, Texas, submarket.

JLL represented the seller, and procured the buyer, Dhanani Private Equity Group, in an off-market transaction. JLL also arranged the five-year, acquisition financing on behalf of Dhanani Private Equity Group.

Sugar Park Plaza is strategically positioned at 11824-11930 Wilcrest Drive, occupying a prime 8.65-acre site at a high-traffic intersection between the thriving Stafford and Sugar Land communities of Houston. The property benefits from its proximity to the Southwest Freeway and Highway 99, while being surrounded by established master-planned residential developments. This top-performing retail center serves the dynamic Sugar Land/Stafford submarket, which has experienced remarkable growth over the past decade and currently supports a population exceeding 429,000 residents within a five-mile radius of the property.

Renovated in 2016, Sugar Park Plaza is one of Houston’s top performing neighborhood centers with more than two million annual visitors. The property features one in-line retail building and three pad sites and is fully leased to 16 tenants with a weighted average tenure of 24 years. The curated tenant mix is anchored by Marshalls and also features Aga’s Restaurant and Catering, Sketchers, Chase Bank, ExxonMobil, and Magnum Staffing. Aga’s restaurant has been at the center since 2001 and has built a strong following. Placer.ai, who tracks foot traffic, ranks Aga’s in the top 10 in Texas by annual visits.

JLL’s Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Director John Indelli and Senior Managing Director Ryan West.

JLL’s Debt Advisory team representing the borrower was led by Director Michael King and Managing Director Michael Johnson.

Consumers across the United States are heading into the 2025 holiday season with a clear message: They’re still celebrating, but they’re spending smarter.

According to JLL’s latest Holiday Shopping Survey Report, Americans are focusing on value, strategy, and purpose as they balance festive spirit with tighter financial realities.

JLL’s survey of 1,001 consumers found that shoppers are planning smaller budgets, shorter shopping trips, and more intentional purchases. The result? A holiday season that remains joyful, but also one where every dollar counts.

A 10% drop in holiday budgets

The research shows that the average American plans to spend $1,133 this holiday season, a 10.2% drop from last year’s $1,261, according to JLL. That decline signals a notable shift from holiday excess toward more deliberate spending.

But the national averages mask deep divisions. Shoppers earning more than $150,000 a year plan to spend 26% more—nearly $1,963—while lower-income households making under $50,000 are cutting back by 24%, to just $699. That widening gap paints a picture of a holiday season split between restraint and indulgence.

The power of time and experience

JLL’s data also highlight how longer store visits translate into higher spending. Shoppers who linger in stores for 90 minutes or more spend an average of $1,416, 79% more than those who stay under half an hour.

That finding underscores the importance of experience-driven retail. Retailers that create comfortable, engaging spaces will see the biggest rewards. The reason? When people spend more time in a store, they spend more money.

Prioritizing giving over self

Even as budgets tighten, the spirit of giving endures. About 25% of consumers say they’ll skip buying for themselves this year, up from 17% in 2024. Spending on gifts for others remains steady at about $580 per person, but self-gifting, especially on electronics, has dropped sharply, from 47.5% of consumers last year to just 32% this year.

Physical retail still matters

Despite the ongoing dominance of e-commerce, more than 83% of consumers will visit brick-and-mortar stores this holiday season. Only 16% plan to shop entirely online. Nearly three-quarters will mix physical and digital channels, reflecting a hybrid approach that blends convenience with in-person experiences.

Shoppers are especially drawn to value-oriented destinations. Mass merchandisers such as Walmart and Target are regaining their footing, attracting 62% of holiday shoppers, up from last year. Credit competitive prices and one-stop convenience. Department stores remain strong, appealing to about half of consumers, but they’re losing ground to the mass-market resurgence.

A culture of constant deals

The hunt for bargains is no longer a trend. It’s a mindset. About 71% of shoppers say low prices and sales are their top priorities, while 60% say they’ll chase more discounts than usual. Nearly half (46%) plan to take advantage of deal days like Black Friday and Cyber Monday, but an equal share of consumers say they’ll be searching for discounts all season long.

As JLL reports, the holiday shopping calendar has extended, with consumers looking for savings from November through to the New Year.

Food, social media and focused shopping

Shopping trips are increasingly doubling as dining experiences. More than 84% of consumers plan to eat or drink while shopping, whether grabbing coffee, a snack or a sit-down meal.

The connection between food and retail spending is clear: Shoppers who take breaks to dine or snack tend to stay longer in a store and spend more.

Social media also continue to shape how consumers discover and decide what to buy. About 79% of shoppers use platforms like TikTok, Instagram or Facebook for holiday inspiration. Gen Z leans heavily on TikTok, Millennials spread their attention across multiple platforms, and Baby Boomers stick mostly to Facebook and Instagram.

Meanwhile, efficiency is the new retail strategy. Nearly two-thirds of consumers plan to complete their holiday shopping in five stores or fewer, signaling a move toward concentrated, goal-oriented trips rather than the marathon shopping sprees of years past.

A season of selective celebration

JLL’s findings paint a portrait of a holiday season defined by both restraint and resilience. Shoppers are cutting back but not cutting out the holiday spirit. They’re combining digital inspiration with physical experiences, chasing deals while prioritizing meaning, and proving that celebration, even on a budget, remains a priority.

Fielding Law, a personal injury law firm, expanded its headquarter and relocated from Mesquite to Richardson’s Tower at Lakeside in Richardson, Texas.

Fielding Law will occupy nearly 16,000 square feet of the top floor. NAI Robert Lynn’s Kent Smith, principal and executive vice president of the office division, and Stephen Cooper, principal and executive vice president, represented Fielding.  

Located at 2221 Lakeside Boulevard, Tower at Lakeside stands as Richardson’s tallest office building and represents a trophy asset in one of North Texas’s most desirable submarkets. The Class A office building features extensive amenities including a full-service café, tenant lounge, state-of-the-art fitness center, and country club-style locker rooms and showers, making it one of the most amenitized office buildings in Richardson.

Tower at Lakeside is situated in Richardson’s business corridor, offering immediate access to major highways as well as the extensive CityLine mixed-use development featuring restaurants, retail, and hotels.

Fielding Law will move into their finished space in February of 2026.