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News release

Lubbock, TX

JLL secures refinancing for Lubbock retail destination


LUBBOCK, Texas, Oct. 18, 2017 – JLL's Capital Markets experts today announced the company secured $21.35 million on behalf of GRACO Real Estate Development Inc. to refinance West End Phase II, a 94,841-square-foot, best-in-class, lifestyle shopping destination located in Lubbock, Texas. Silverpeak Argentic provided the loan.

Executive Managing Director Tom Fish and Managing Director Jimmy Board led the JLL team on the financing.

​"Leased to a strong line-up of national, credit-worthy tenants, and located directly off Lubbock's heaviest traveled thoroughfare, the property's consumer draw and visibility made this a compelling lending opportunity," said Board.

The property is the second phase of the West End development, which includes a mix of big box retailers, flagship hotels and office space. Retail tenants include Cabela's Outpost, Gap Factory, Nike Factory, Banana Republic Factory and Marshalls. Dining options include P.F. Chang's, Chipotle, Chick-fil-A, Panera Bread and World of Beer. The center which is currently 90 percent leased, also features Costco and Homegoods.

The area, which is located directly off of West Loop 289, is accessible from all major Lubbock submarkets and occupies a highly desirable in-fill location bolstered by the presence of Texas Tech University.

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 2016 alone, JLL Capital Markets completed $145 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.

​For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

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 $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 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 jll.com.

About Silverpeak Argentic

Silverpeak Argentic provides fixed-rate permanent financing, floating-rate transitional financing, and subordinate debt financing secured by various types of properties including retail, office, industrial, multifamily, self-storage, hotel, mobile home parks and student housing. Silverpeak Argentic is headquartered in New York City, with offices in Los Angeles, Chicago and Dallas. For further information, visit www.silverpeakargentic.com.