JLL Capital Markets announced today that it has closed the sale of the 206,284-square-foot, value-add Northcross Shopping Center located within a prime retail corridor in Victoria, Texas.

JLL marketed the property for a Dallas-based client and sold it to Dunhill Partners.

The 91% occupied Northcross Shopping Center is currently leased to Ashley Furniture, Office Depot, Tuesday Morning, Dollar General, Dollar Tree and more. Additionally, the center has presented strong leasing momentum with Ace Hardware, Pittsburgh Paint, Beauty Bar, Any Lab Test Now and Rock Discount Vitamins.

Located at 5016–5319 N. Navarro St., Northcross Shopping Center sits at the intersection of U.S 77 and Sam Houston Drive and is positioned between the power markets of Houston and Corpus Christi. The center is visible to approximately 40,573 vehicles per day and is situated in a super-regional trade area reaching a customer base from the surrounding 50 miles. The property benefits from Victoria County’s population of approximately 92,084 and average household income of $83,767.

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director Adam Howells, Managing Director George Cushing and Analysts Matthew Barge and Cole Sutter.

JLL Capital Markets announced today that it has arranged the acquisition financing for two retail centers in high-growth markets in Central Texas, including the 7,090-square-foot The Shops at The Rim in San Antonio and the 6,991-square-foot 3701 Guadalupe in Austin.

JLL worked on behalf of the borrower, Door Capital Partners, to secure the five-year, fixed-rate loan. Additionally, JLL marketed The Shops at Rim on behalf of the seller.

Located at 6028 Worth Parkway, The Shops at The Rim is situated within the 1.8-million-square-foot mixed-use district, The Rim, in northwest San Antonio. The property is easily accessible from I-10 surrounded by San Antonio’s largest employment centers, top-end demographics, entertainment destinations and education and military hubs. Built in 2012, The center is 100% occupied, and tenants include The Rim Dental Care, Starbucks Coffee, Pigtails & Crewcuts and GNC.

3701 Guadalupe is located on the northern edge of West Campus, in the center of off-campus living for University of Texas students. It is also within proximity to the affluent neighborhoods within Austin, such as Hancock, Hyde Park and Old West Austin. The 1976-built center is 100% leased to Domino’s, Walgreens, Smile Haus, Body Brite and Evo Performance.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director CW Sheehan and Analysts Kaitlin Kane and Hunt Wood. The JLL Capital Markets Investment Sales Advisory Team was led by Senior Managing Director Chris Gerard and Analyst Jack Copher.

Austin, TX (November 30, 2022) — Newmark announces the sale of Radius on Grove, a 156-unit multifamily asset located at 2301 Grove Boulevard in Austin, Texas, four miles from downtown. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, Hilltop Residential, a national real estate investment company focused on acquiring and renovating underperforming multifamily properties, in the sale to the buyer, Square House Capital LLC. The property sold for an undisclosed price.

“Radius on Grove has a prime location, with outstanding fundamentals,” said Jones. “Over the past 12 months, Austin has continued to be one of the fastest growing metropolitan areas, making the multifamily asset a suitable entry-investment into the region for Square House Capital LLC, which specializes in acquiring and operating multifamily properties in high growth markets.”

“Radius on Grove is a premier asset with tremendous upside that fits our growth strategy to improve the quality of our investment portfolio and the communities we serve,” said Square House Capital LLC Founder Kindi Mann. “We were attracted to the community’s location within the Southeast Austin/Riverside submarket because of the area’s rapid growth and proximity to major employment and entertainment. This is our first investment in Austin, a city that continues to exhibit proven fundamentals—a strong job market, population growth and robust rent growth.”

Acquired by Hilltop Residential in 2018, Radius on Grove boasts contemporary renovations, resort-class amenities and condo-grade finishes. With a 98% occupancy rate at time of sale, the asset is located within minutes of major employers—Oracle headquarters, Tesla, Google and others—and is adjacent to outdoor recreation, the city’s major entertainment districts and numerous restaurants.

Ranked in the top five “Best City to Live in the U.S.” by U.S. World & News Report in April 2021, Austin has seen mass in-migration over the past five years with employment growth averaging an increase of 3.3 percent per year and thousands of jobs expected in the pipeline. Additionally, over the past 12 months in the Central Business District, submarket rental rates grew by 22.3 percent in the first quarter of 2022, according to Austin Investor Interests.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.