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News release

Houston, TX

Momentum of Springwoods Village, Grand Parkway draws lender interest to nearby retail

JLL secures $7.15 million to refinance The Shops at Spring Village


HOUSTON, May 9, 2018 – JLL's Capital Markets experts today announced the firm secured $7.15 million in refinancing for The Shops at Spring Village, a fully-leased retail center located just south of the Grand Parkway and Springwoods Village in Spring, Texas.

Managing Director Jimmy Board and Analyst Connor Harrell led the JLL team on the financing on behalf of Capital Retail Properties. Goldman Sachs provided the fixed-rate non-recourse loan.

"This property offered lenders the opportunity to finance a quality, new construction retail center with zero short-term rollover and stable cash flow," said Board. "Located in the emerging Grand Parkway/I-45 corridor, the center is set to benefit from the area's ongoing growth and development."

Located at the southeast corner of Spring Stuebner and Holzwarth Roads, The Shops at Spring Village is situated within a rising trade area. The property is next to a Kroger-anchored shopping center and 300 units of Class A multifamily. It is also near several large employers within the Springwoods Village development that contribute to the surrounding area's significant daytime population.

Built in 2017, the shopping center is leased to a diverse mix of local and national tenants including AT&T, Sports Clips, Dominos, Red Wing Shoes and Dunkin' Donuts

According to JLL research, Houston's retail market remains strong with continued high occupancy and rising rents. The retail market started the year with 1.24 million square feet of positive net absorption and a 5.4 percent market-wide vacancy rate.  

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 2017 alone, the firm's 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.