Tag: JLL

DFW power retail center switches hands to Dunhill Partners

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Rockwall Market Center, a 211,971-square-foot retail center located in the DFW suburb of Rockwall, Texas.

JLL marketed the property and assisted in the sale to Dunhill Partners, led by its CEO Bill Hutchinson.

Built in 1999, Rockwall Market Center is 100% leased to a robust, high-performing, national tenant roster, which includes Ross, Burkes Outlet, Michaels, Old Navy and Petco. The property features an average tenant tenure of 18.2 years, and 82% of the property’s income stream is generated from its national tenancy. The property draws over 1.5 million annual visitors.

Located at 2663-2885 Market Center Drive within a dominant retail corridor, the property sits directly off of Interstate 30, offering visibility to over 103,000 vehicles per day. Rockwall Market Center benefits from proximity to both Lake Ray Hubbard and Highland Meadows neighborhood and is less than a 20-minute drive to Downtown Dallas. Additionally, within a 10-mile radius is a daytime population of 317,271 and $17 billion in consumer spending power.

The JLL Retail Capital Markets team was led by Senior Managing Directors Adam Howells and Ryan Shore and Analyst Megan Babovec.

Recapitalization secured for dual grocery-anchored retail center within DFW metroplex

Posted on by Mia Goulart

JLL Capital Markets has arranged the recapitalization of MacArthur Park, a 425,612-square-foot, top-performing retail center located within the DFW metroplex in Irving, Texas. The center is a hybrid, dual grocery-anchored power center with Kroger, Target (Shadow) and other large format retailers, such as Ross, HomeGoods/TJ Maxx and Michaels.

JLL worked on behalf of the ownership which consisted of funds managed by Goldman Sachs Asset Management, and EDENS, to recapitalize the project. CBRE Investment Management stepped up as a new investor in the venture.

In addition to Kroger and Target (shadow), the 98% leased MacArthur Park is also anchored by HomeGoods/TJ Maxx, Ross, Michaels and Office Depot. Other notable tenants include Bath and Body Works, Victoria’s Secret, T-Mobile, Amy’s Hallmark, James Avery, Mattress Firm, Half Price Books, Ulta Beauty, Jason’s Deli and Sephora. Over 88% of MacArthur Park’s income stream is generated from national and institutional-grade credit tenancy, with local businesses comprising of the remaining 12% of overall revenue. The center boasts an average tenant tenure of 6.2 years, a WALT of 3.3 years and over 5.8 million visits annually, ranking it amongst the top 3% of centers in the U.S.

The center is located 7505 N. MacArthur Blvd. and is strategically set within Irving’s high-growth, master-planned urban center, Las Colinas. It is positioned at the intersection of Interstate 635 and President George Bush Turnpike, offering visibility to over 260,000 vehicles per day and over $5.8 billion in consumer spending power within a 10-minute drive. Within a five-mile radius is a daytime population of 348,062 and an average household income of $106,828. MacArthur Park is easily accessible by President George Bush Turnpike, Interstate 635 and Texas State Highway 114, and it is just a 17-minute drive to Downtown Dallas.

The JLL Retail Capital Markets Debt Advisory team was led by Senior Managing Director Barry Brown and Chris Gerard, Director Erin Lazarus and Analysts Megan Babovec and Cole Sutter.

Sale of super regional retail center in DFW area closes

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Eastchase Market, a 261,730-square-foot retail center located in Fort Worth, Texas.

JLL represented the seller in this transaction.

Built in 1995, Eastchase Market is 91.9% occupied and features a WALT of 5.3 years. Anchor tenants include AMC Theatres, Ross Dress for Less, Spec’s, Big Lots, Harbor Freight Tools and Marshalls. Additionally, the center benefits from its shadow anchors, Target and Aldi. The property has received approximately three million visitors over past 12 months.

Situated at 1600 Eastchase Parkway, the property is strategically positioned along Interstate 30, one of the largest east-west thoroughfares in DFW, providing excellent visibility to nearly 150,00 VPD and unmatched access to the entire DFW Metroplex. Together, with Dallas and Arlington, Fort Worth contributes to the fourth largest MSA, totaling 7.6 million consumers. In addition, within a five-mile radius of the center is a population of 252,400, 8.5 million square feet of office inventory, 41,600 multi-housing units, 99,000 households and $5.7 billion in spending power.

The JLL Retail Capital Markets team was led by Senior Managing Director Adam Howells, Senior Managing Director Barry Brown and Analyst Cole Sutter.

Jim Humphries joins JLL Capital Markets’ SFR team

Posted on by Mia Goulart

JLL Capital Markets announced today that Jim Humphries has joined the firm’s single-family rental (SFR) team as a director sitting in the Houston office.

Humphries will focus on SFR and build-to-rent (BTR) investment sales nationally and will work alongside the current SFR team lead, Managing Director Matthew Putterman.

Humphries joins JLL from Colliers in Houston, where he has spent the past eight years. Most recently, he served as senior vice president and began his concentration on middle-market SFR and BTR investment sales in 2019. Prior to his career with Colliers, Humphries worked with HFF (predecessor to JLL) as part of the Houston multi-housing investment sales team.

Two adjacent retail assets in Houston trade to Bridgewell

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of two adjacent Houston retail centers, including the 49,359-square-foot Sunridge Shopping Center (Sunridge) and the 44,398-square-foot Westchase Plaza (Westchase).

JLL worked on behalf of the seller, Whitestone REIT. An entity controlled by Houston-based Bridgewell Property Management, LLC acquired both assets. The privately held Bridgewell and its affiliates own over 30 retail, industrial, storage and mixed-use properties totaling two million square feet in the Houston MSA.

Situated in the Westchase trade area, Sunridge Shopping Center (3800 S. Gessner Road) and Westchase Plaza (3700 S. Gessner Road) are located at the northwest and southwest corners of Westpark Drive and S. Gessner Road. The hard corner locations provide the centers with visibility to almost 80,000 vehicles per day. The immediate trade area has been the recipient of tremendous tenant demand, as well as little new supply additions and is now approximately 97% leased. Tenants are drawn to the area’s density with over 30,000 residents within a one-mile radius.

Institutionally managed and leased by the Whitestone REIT for over 20 years, Westchase and Sunridge are 80% leased shopping centers featuring a tenant lineup of La Tapatia, Little Caesars, Subway, United States Postal Service and several additional local retail and medical tenants. The average tenure at the center is 11.7 years.

The JLL Retail Capital Markets Investment Advisory team was led by Senior Managing Director Ryan West, Senior Director John Indelli and Analysts Clay Anderson and Ryan Olive.

The two properties will be managed by Keen Realty and leased by Hunington Properties, Inc.

Sale of premier neighborhood strip center in Houston’s prime retail corridor closes

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Uptown Plaza, a 28,000-square-foot neighborhood strip retail center located in the prime retail corridor of Houston, Texas.

JLL represented the seller in the transaction. Pine Ridge Real Estate acquired the asset in an all-cash transaction.

Developed in 2002, the 100% leased Uptown Plaza is currently occupied by CVS, Vision Corner, EG Geller Shoes, Lesley Ann Jewels, Alchemy 43, Fizz Nails and Grotto. The property features an average tenure of over 12 years and a weighted average remaining lease term of three years.

Located at 4715 Westheimer Road, Uptown Plaza sits at the intersection of Westheimer and Interstate 610 and is surrounded by numerous high end retail destinations, such as River Oaks District, The Galleria, Highland Village and BLVD Place. The property attracts consumers from Houston’s most affluent residential neighborhoods, including River Oaks, Tanglewood and Montrose. Retail fundamentals in the inner-loop River Oaks submarket remain strong boasting a 3.3% vacancy rate, and across the Houston MSA retail rents have grown 5.6% year over year. The property is situated on 2.74 AC and presents the possibilities for future redevelopment in an unmatched location. Additionally, within a three-mile radius of the property is a population of over 203,000 residents, and within a one-mile radius an average household income of $164,432.

The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Director Ryan West, Senior Director John Indelli and Director Erin Lazarus.