News release

Houston-area retail strip center acquisition financed

JLL Capital Markets arranged the loan for Door Capital Partners’ purchase of Harper’s Trace Center in Conroe

June 15, 2022

Kimberly Steele

Occupier PR
+1 713 852 3420

AUSTIN, June 15, 2022 – JLL Capital Markets announced today that it has arranged acquisition financing for Harper’s Trace Center, a fully leased, 12,928-square-foot retail strip center in the Houston-area community of Conroe, Texas.

JLL worked on behalf of the borrower, Austin-based Door Capital Partners, to place the five-year, fixed-rate non-recourse acquisition loan with Woodforest National Bank.

Completed in 2017, Harper’s Trace Village is triple net leased to a diverse, synergistic mix of tenants, including Subway, SuperCuts, Papa John’s, Greenpath Pharmacy, 242 Animal Hospital and Friendly Dentists, along with a popular wireless provider. An adjacent, non-owned Starbucks and O’Reilly Auto Parts help drive traffic to the property, and a Chick-fil-A will soon be opening next door.

Harper’s Trace Center is positioned on 1.27 acres at 10161 Highway 242 in Conroe, a northern suburb of the Houston MSA. The property is within a popular retail corridor and surrounded by residential neighborhoods that house nearly 85,000 residents earning an average annual household income of $108,968. Additionally, the property is across the street from a new 102,000-square-foot H-E-B grocery store.

According to JLL Research’s United States Retail Outlook Q1 2022 report, smaller-sized retailers are currently driving demand for neighborhood and strip centers. Vacancy compressed 110 basis points year-over-year ending the first quarter of 2022 to 6.0%. Rents rose 1.4% during the quarter and 4.6% over the previous year.

The JLL Capital Markets Debt and Advisory team representing the borrower was led by Senior Director CW Sheehan, Managing Director Michael Johnson and Analysts Hunt Wood and Matt Ctvrtlik.

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 and sales 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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About JLL

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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Door Capital Partners

Door Capital Partner’s is a private equity firm that invests in real estate retail and hotel assets in order to increase their value through strategic execution, efficient management, and outstanding relationships with its investors, property tenants and hotel guests.