Central Texas lifestyle center sold to original developer
JLL arranged the sale and financing for the Harker Heights center
DALLAS, February 6, 2020 – JLL Capital Markets announced today that it has closed the sale of and arranged financing for Market Heights Shopping Center, a 417,167-square-foot regional lifestyle center in the heart of Central Texas in Harker Heights.
JLL worked on behalf of an institutional seller and procured the buyer, Direct Retail Partners, in an off-market transaction. Additionally, working on behalf of the new owner, JLL arranged an equity contribution and placed the four-year, floating-rate acquisition loan with Bayview Asset Management. The buyer originally developed the center in 2008 when Direct Retail Partners operated as Direct Development.
Situated on 62.23 acres at 201 East Central Expressway, Market Heights Shopping Center is at the corner of U.S. 190 (IH 14) and FM 2410, which sees a combined 58,930 vehicles per day. The center is near Fort Hood, the largest military base in the United States, and approximately 70 miles north of Austin in the Killeen/Temple metro area. The property is the dominant shopping center in the retail corridor along U.S. 190 and pulls customers from surrounding communities throughout the region. Market Heights Shopping Center is 89.4% leased and home to a diverse tenant lineup that includes Cinemark, Dick’s Sporting Goods, Barnes & Noble, Ross Dress for Less, Old Navy, Petco, Ulta Beauty and Bed Bath & Beyond, along with shadow anchors Target, Cracker Barrel and Chick-fil-A.
The JLL Capital Markets team representing the seller included Senior Managing Director Adam Howells, and the debt placement team representing the borrower was led by Senior Managing Directors Mark Brandenburg and Tim Jordan.
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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 annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.