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News release

HOUSTON, TX

Strong Tenant Demand, Healthy Retail Sector Drive Financing

JLL secures $7 million in acquisition financing for The Colonnade at West Lake Houston


HOUSTON, Sept. 28, 2016 – As Houston's retail market continues to experience strong demand, JLL's Capital Markets experts today announced the firm has secured $7 million in acquisition financing with Morgan Stanley, on behalf of Houston-based Sona Development Group, led by Adam Soffar and Rob Naggar, for the acquisition of The Colonnade at West Lake Houston, a 54,472-square-foot Class A shopping center located at the northwest corner of Aerobic Drive and West Lake Houston Parkway in the Houston suburb of Atascosita, Texas.

Managing Director Jimmy Board and Analyst Ben Mantor led the JLL team on the financing. NewQuest's Brad Elmore and Chris Dray represented the seller in the transaction.

"The Colonnade at West Lake Houston has experienced strong occupancy since its completion in 2004," said Board. "This offering represented the opportunity to finance a strategically located shopping center in a seasoned trade area containing a variety of long-term local and regional retailers."

Located approximately 18 miles northeast of Houston's Central Business District, The Colonnade at West Lake Houston is situated between two prominent planned communities in Atascosita: Eagle Springs and Walden on Lake Houston. Combined, these communities encompass approximately 5,500 homes. At the intersection of two major thoroughfares, the shopping center benefits from a daily traffic volume of approximately 50,000 vehicles along both roadways.

The 94 percent leased asset includes tenants such as Rising Sun Karate, Fondren Orthopedic, El Jimador, Gary Greene Real Estate and American Title Company.

Undeterred by low oil prices, Houston's retail sector has sustained high levels of activity. The city's overall retail vacancy was just 5.2 percent at mid-year.

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.