JLL Capital Markets Sells 613,468-Square-Foot Power Center in Houston Suburb

JLL Capital Markets has closed the sale of Shadow Creek Ranch, a 613,468-square-foot, H-E-B-anchored power center within the master-planned Shadow Ranch community in the Houston suburb of Pearland, Texas.

JLL marketed the property on behalf of the seller, EDENS. Fidelis Realty Partners LLC acquired the asset. Additionally, the new owner has engaged JLL to source post-acquisition financing.

Completed between 2007 and 2008, Shadow Creek Ranch is anchored by H-E-B, ranked the No. 2 grocer in America for 2021 by the dunnhumby Retailer Preference Index. The 97.7-percent-leased property is also home to a diverse lineup of national and local tenants, including Academy, Ashley HomeStore, Burlington, Dynamic Fitness, Hobby Lobby, Subway, Club Pilates, Men’s Wearhouse, Pure Barre and Salata.

The sale includes 11 free-standing pad sites leased to popular tenants such as Taco Cabana, Frost Bank and Longhorn Steakhouse.

Shadow Creek Ranch is at 2805 Business Center Dr. in Pearland, a growing southern Houston suburb known for a recent influx of major corporate relocations. The retail center is within the 3,500-acre premier Shadow Creek Ranch master-planned, mixed-use, live-work-play development that features greenbelts, lakes and the majority of Pearland’s principal employers and retail space.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Ryan West and Chris Gerard, Senior Managing Director and Co-Head of U.S. Retail Capital Markets Barry Brown, Senior Director Wendy Vandeventer and Analyst and Katherine Miller.

“The sale of Shadow Creek Ranch reflects the state of the retail capital markets in Texas,” West said. “We had a deep pool of buyers pursuing a large-scale retail asset that was anchored by a high-octane H-E-B and big box retailers that emerged from a pandemic stronger than before.”

The JLL Capital Markets Debt Advisory team arranging the post-acquisition financing for Fidelis Realty Partners LLC includes Senior Managing Director Colby Mueck, Senior Director James Brolan and Analyst Stuart Hepler.

Newmark Announces Sale of One Preston Centre in Dallas’ Most Highly Sought-After Submarket

Newmark announces the sale of One Preston Centre, a 76,741-square-foot office tower in Dallas’ coveted Preston Center. Newmark Vice Chairmen Chris Murphy, Robert Hill and Gary Carr and Director Chase Tagen represented the seller.

Located at 8222 Douglas Avenue, One Preston Centre is within a 10-minute walk of some of Dallas’ most exclusive shops and restaurants. The office building is 88% leased to a base of long-tenured tenants that includes a significant healthcare presence.

“Given the limited amount of investment opportunities in this high barrier-to-entry submarket, we saw tremendous investor appetite from local and institutional capital alike,” said Murphy. “Preston Center will continue to be the investor and tenant submarket of choice given a confluence of factors, namely its position among the city’s most influential residential neighborhoods and ease of access offered by its proximity to the Tollway.”

The buyer is a newly formed partnership that includes an affiliate of local investor Pillar Commercial. Houston-based Community Bank of Texas is providing senior debt financing on the acquisition.

Preston Center is a pedestrian-friendly district featuring a premier collection of boutiques and restaurants. The adjacent affluent residential neighborhoods boast the strongest demographics and the most significant concentration of wealth across North Texas.

Easily accessible via the Dallas North Tollway and Northwest Highway, the property is within 10 minutes of Dallas Love Field and 20 minutes of Dallas/Fort Worth International Airport.

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