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Dunhill Partners purchased the 308,828 square feet power center in Houston; Wells Fargo provided financing and Heitman provided equity
HOUSTON, TX Aug 7, 2013 — Jones Lang LaSalle’s Capital Markets experts today announced the firm closed the sale of The Shops at Bella Terra, a 308,828-square-foot power center in Houston’s prestigious Grand Parkway corridor. In addition, the firm secured acquisition financing with Wells Fargo and additional equity from Heitman on behalf of new buyer, Dunhill Partners. Jones Lang LaSalle’s Managing Director George Cushing led the sales efforts and Managing Director Randy Fleisher led the financing efforts on this assignment.
“The Shops at Bella Terra is a highly successful landmark retail venue located in the affluent far west Houston metropolitan area,” said Cushing. “This offering provided an outstanding opportunity to acquire a secure, long-term investment with strong national tenancy that is well positioned to benefit from the outpaced residential growth and extremely strong local demographic.”Added Fleisher, “The center’s solid financials, strong tenancy and upside potential made this offering a compelling investment opportunity for many, with Wells Fargo and Heitman proving to be the best financial fit for our client, Dunhill Partners.”
Located at 5550 West Grand Parkway South in Richmond, Texan, The Shops of Bella Terra is a 308,828-square-foot power center shadowed anchored by Walmart Supercenter and Kohl’s. Currently 95 percent leased, tenants including Ross Dress for Less, Best Buy, PetSmart, 24-Hour Fitness, Sports Authority, Party City and Pier I. Construction began in 2008 and was completed in stages.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.
About Dunhill PartnersFounded in 1984 by William L. Hutchinson, Dunhill Partners is a commercial real estate brokerage and investment firm that currently owns and manages more than 4 million square feet of retail properties. Dunhill specializes in the acquisition, sale, leasing and management of commercial property. Dedicated to the fundamental principle of building value for more than twenty-five years, Dunhill Partners is known as one of the most renowned and successful commercial real estate services firm in the Southwest.
About Wells FargoWells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
About Heitman Heitman, founded in 1966 and headquartered in Chicago, manages approximately $26 billion in assets invested directly and indirectly in real estate in North America, Europe and Asia-Pacific. The firm’s clients include institutions, pension plans, endowments and foundations, and individual investors.
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