Regional power center near Houston sells to Fidelis Realty Partners
JLL Capital Markets arranged the sale and acquisition loan for Shops of Bella Terra in Richmond, Texas
HOUSTON, Nov. 30, 2021 – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for Shops of Bella Terra, a 271,157-square-foot, institutionally owned and operated regional power center in the Houston-area community of Richmond, Texas.
JLL marketed the property on behalf of the seller. Fidelis Realty Partners LLC acquired the asset. Additionally, working on behalf of the new owner, JLL placed the 10-year, fixed-rate acquisition loan with Morgan Stanley.
According to Placer.ai data, Shops of Bella Terra is the most visited shopping center within a five-mile radius, which includes 222,815 residents earning an average annual household income of $162,371. Situated on 35.57 acres at 5472 W. Grand Pkwy., the center has frontage along the Houston’s Grand Parkway, Houston’s outer loop highway that services the northern and western suburbs. This location in Richmond places it in a growing Fort Bend County location near two of the nation’s top 20 master-planned communities.
Completed between 2008 and 2013, Shops of Bella Terra is 93 percent leased to a diversified merchandising mix that includes 24 Hour Fitness, Total Wine & More, Best Buy, Five Below, Ulta Beauty and pads that include Chick-fil-A, Whataburger and more. Additionally, vacant land for additional pad site development was included in the sale.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Barry Brown and Adam Howells, Managing Director George Cushing, Senior Director Wendy Vandeventer and Analysts Ethan Goldberg and Erin Lazarus.
“The significant buyer interest we received on Shops of Bella Terra is indicative of the broad liquidity taking shape in the retail sector targeting across deals of all sizes,” Brown said. “We are very pleased with the outcome of this transaction.”
The JLL Capital Markets Debt Advisory team representing the new owner included Senior Managing Director Colby Mueck, Senior Director James Brolan and Analyst Stuart Hepler.
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Fidelis Realty Partners LLC
Fidelis is an owner, operator and developer of retail, healthcare and residential commercial real estate projects. Fidelis has approximately 16 million square feet of property located in six states. Fidelis is headquartered in Houston with regional offices in Dallas, Texas, and Santa Fe, New Mexico. Fidelis’ mission is to maximize the value of the properties they serve for their tenants, customers, partners and communities. To learn more about Fidelis, please see their website at frpltd.com.