South Texas Retail Center Trades to Dallas-based Dunhill Partners

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.

Griffin Partners Announces Disposition of Industrial Development in N Houston

Griffin Partners, an entrepreneurial commercial real estate investment, development and property management firm, recently sold Pinto 23, a Class A industrial development in North Houston to Hines, the global real estate investment, development, and property manager. Pinto 23 is located within Pinto Business Park and was co-developed with Pinto Realty Partners.

The newly delivered project, Pinto 23, features a 282,190-square-foot cross-dock industrial building with 36-foot clear heights, 76 dock doors, 112 trailer spaces with capacity for 44 additional spaces and 4,604 square feet of spec office and frontage along Beltway 8, one of Houston’s most strategic logistical thoroughfares.

Located at 10909 Greens Crossing Boulevard, the project is strategically located at the Southwest intersection of Interstate 45 and Beltway 8 in the North Houston submarket within Pinto Business Park. Pinto Business Park, Houston’s largest deed-restricted business park with over 5.3 million square feet of rentable space, is currently over 98% leased.

Griffin Partners and Pinto Realty Partners delivered the Project in October 2022 and were already seeing significant leasing activity prior to the sale.

Trent Agnew at JLL represented the seller in the transaction. Hines has awarded the leasing of the property to Faron Wiley at CBRE.

In addition to the building amenities and quality construction, the Pinto Business Park location has attracted numerous national corporations within a one-mile radius, including Amazon, Sysco, Coca-Cola, Home Depot Supply and Emser Tile distribution centers. Directly adjacent to the site on its western edge, Amazon occupies an 850,000-square-foot fulfillment warehouse.

South Texas Retail Center Trades to Dallas-based Dunhill Partners

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.

Suburban Dallas Multi-housing Community Trades to New Owner

JLL Capital Markets announced today that it has closed the sale of Independence Crossing, a 124-unit, boutique, value-add multi-housing community located in the Dallas, Texas suburb of Plano.

JLL represented the seller. Langdon Street Capital acquired the asset.

Built in 1999, the two-story Independence Crossing offers one- and two-bedroom units averaging 942 square feet. Select units feature stainless steel appliances, contemporary wood-style flooring and fireplaces. Community amenities include a resort-style swimming pool, a fully equipped fitness center, a modern clubhouse, a resident lounge, an executive business center, private yards, a dog park and detached garages.

Situated at 6501 Independence Pkwy, Independence Crossing offers residents convenient connectivity to the Dallas area’s major thoroughfares, including US-75, Dallas North Tollway and SH-121. The property sits just five miles from the largest employment centers in North Dallas, CityLine and Legacy Business Park, and is within proximity to top retail and entertainment destinations, including The Shops at Legacy and Stonebriar Centre. Additionally, the community is adjacent to the Bluebonnet Trail and is near several parks and greenbelts.

The JLL Capital Markets team was led by Senior Managing Directors Rob Key and Roberto Casas and Managing Director Greg Toro and Senior Director David Austin.

Stream Realty Partners Helps LERMA/ Double its Footprint in Dallas’ West End

Dallas native creative agency expands from 27,959 square feet to 55,918 square feet in one year in one of Dallas’s newest and most innovative creative office spaces.

The Luminary is located at 401 N. Houston St. in the West End, adjacent to the Central Business District. LERMA/ will occupy an additional full floor of the building. Stream Realty Partners Managing Director Dan Harris and Senior Associate Nate Hruby represented LERMA/ in the transaction. Senior Director of Project Management Services Bobby Kunkle provided construction management services. Stream, headquartered in Dallas, is a national real estate services, development, and investment company.

The Luminary offers an unmatched and innovative office experience with sweeping views of Downtown through electrochromatic glass windows that dynamically change tint in response to sunlight. Efficiently laid out floor plates and advanced building technology contribute to the collaborative atmosphere that LERMA/ strives towards.

Recently purchased by Harwood International, The Luminary also offers a rooftop terrace, 52 bike racks and daily food service. The building is centrally located at the intersection of the Harwood District, Dallas Arts District, Design District, Downtown, Uptown, and Victory Park, offering tenants easy access to a host of retail and dining options. The West End is accessible by all major highways, thoroughfares, and public transit, including all four of DART’s light rail lines. Harwood International’s Kelly Whaley and Hannah Mesh represented the owner in the transaction.

2-property Retail Portfolio in Central Texas Secures Acquisition Financing

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.