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News release

HOUSTON

JLL Closes Sale of 38-Acre Retail Parcel in Houston

Market Center at Aliana secures second anchor nine months after landing HEB


HOUSTON, March 21, 2017 – On behalf of Aliana Development Company, JLL today announced the firm has completed the sale of a 38-acre land parcel for the development of a Target-anchored shopping center in Houston, Texas. Property Commerce purchased the asset.

The planned development will be a 438,000-square-foot retail center at SH-99 and Harlem Road, in the Aliana master-planned community. The retail center will include a 124,000-square-foot Target, in addition to the 102,000-square-foot HEB, which recently opened.

Senior Vice President Simmi Jaggi and Vice President Elizabeth Clampitt led the JLL team on the transaction.

"This deal is a milestone in the development of the Aliana master-planned community, and will ultimately create a highly-desirable, modern and amenity-rich shopping center for the surrounding population," said Simmi Jaggi. "With two outstanding anchors and an additional 57 acres of land planned for retail development, the stage is set for this intersection to become a significant retail destination for both Aliana and southwest Houston."

The Aliana master-planned community encompasses approximately 2,000 acres in Fort Bend County, one of the fastest growing counties in Texas. The 2015 estimated population within five miles of the master-planned community was in excess of 200,000. At final build-out the community will encompass more than 4,200 homes. Furthermore, at the intersection of two major thoroughfares, The Market Center at Aliana benefits from a traffic volume of approximately 33,000 vehicles per day.

Approximately 30 miles southwest of Houston's Central Business District, Aliana has been named a Quality Planned Development by the West Houston Association. In 2015, John Burns Real Estate Consulting ranked Aliana seventeenth in the nation among master-planned communities. Also in 2015, MetroStudy ranked Aliana second among master-planned communities in the Houston area. Expanding residential development and demand from consumers in the area are expected to drive continued retail expansion in and around Aliana. 

The result of years of pent-up demand, Houston's retail sector has added approximately 18.9 million square feet of retail space in the past five years and sustained high levels of activity throughout 2016. At year end, Houston's retail construction pipeline was 3 million square feet and overall retail vacancy was just 5.1 percent.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.