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News release

HOUSTON, TX

Population Density, Proximity to Employment Centers Spur Houston Retail Sale

JLL completes sale of Glenbrook Square, secures $6.2 million in acquisition financing


Houston, Sept. 1, 2016 – On behalf of Weingarten, JLL's Retail Capital Markets experts today announced the firm completed the sale of Glenbrook Square Shopping Center, a 73,440-square-foot retail space in Houston, Texas. JLL also secured $6.2 million in acquisition financing from Deutsche Bank.  

Managing Director George Cushing and Senior Vice President Wendy Vandeventer led the JLL team on the sale. Managing Director Jimmy Board led the firm's financing efforts.

"With interest rates at historic lows, the borrower was able to procure a very accretive loan that will generate above average cash-on-cash yields due to the current lending environment," said Board.

Located on the northwest corner of Telephone Road and Belfort Avenue, the property is approximately 10 miles southeast of Houston's Central Business District and proximate to William P. Hobby Airport. Situated in a dense residential base, there are more than 331,000 people within a five-mile radius of the shopping center. Furthermore, the population in the same area is expected to grow by 4.9 percent by the year 2020 due to ease of access to Houston's largest employment centers.

Anchored by a Kroger grocery store, Glenbrook Square is currently 92 percent leased and includes a bank ground lease. The property's other tenants include Little Caesar's, City Gear, EZPAWN and Texas State Optical.

"High-traffic and well-located retail space in Houston continues to attract investor interest," said Cushing. "With strong sales, low occupancy costs and a stable small shop component, Glenbrook Square presented both the buyer and seller with an opportunity to capitalize on a high performing shopping center with a strong history of institutional ownership."

JLL 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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

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About JLL
JLL (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. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.