News release

Houston-MSA neighborhood retail center trades to DML Capital

JLL Capital Markets closed the sale of the 156,343-square-foot, grocery-anchored The Shoppes at Kingsgate located within the Kingwood master-planned community

November 29, 2023

Jenna Sharp

Capital Markets PR
+1 214 438 6450

HOUSTON, Nov. 29, 2023 – JLL Capital Markets announced today that it has closed the sale of The Shoppes at Kingsgate, a 156,343-square-foot, grocery-anchored neighborhood retail center located in the Kingwood master-planned community within the Houston MSA.

JLL represented the buyer, DML Capital. Chestnut Ridge Associates, LLC was the seller.

Built in 1980 and renovated from 2015 to 2017, the 95.2-percent-occupied The Shoppes at Kingsgate is anchored by ALDI, a market leader in the grocery sector and one of America’s fastest-growing retailers. Additional tenants include Painted Tree Boutiques, Five Below and Dollar Tree. The property features a WALT of 6.6 years. Situated in the Kingwood submarket, the asset is on one of the most highly trafficked streets in the area, with 41,000 vehicles per day along Kingwood Drive. The property is at below-market vacancy, with the Kingwood submarket at an average vacancy rate of 9%.

Located 27 miles north of downtown Houston, Kingwood is a highly sought-after, master-planned development in the Houston MSA. Spanning 14,000 acres of lush woodlands, this well-established community features over 500 acres of private parks and nature preserves, as well as 75 miles of scenic greenbelt. Renowned for its picturesque forests and excellent quality of life, the area offers top-notch schools and a wide range of outdoor and water-based recreational activities near the expansive 11,854-acre Lake Houston. With a diverse residential population of approximately 65,000, Kingwood has emerged as a vibrant commercial hub with an abundance of retail and dining opportunities.

The JLL Capital Markets Investment Advisory team was led by Senior Director John Indelli and Senior Managing Director Ryan West. Additionally, a JLL Debt Advisory team, led by Managing Director Michael Johnson and Director Michael King, sourced the financing for the buyer. JLL was able to rate lock at competitive market terms via life company financing.

“The Shoppes at Kingsgate was a unique opportunity with value durability based on its prime location, high quality tenant roster and position serving Kingwood area shoppers,” Indelli said. “Kingsgate is an example of the opportunity DML is looking for as it continues to expand its presence throughout Texas.”

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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About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About DML Capital

DML Capital is an experienced real estate investment and development firm, owning over 20+ properties totaling 1.4M SF in Texas. With combined experience of over 30 years in real estate investing, DML has closed over 500 transactions since its inception. The group has acquired over 10 properties since 2020 and are continuing to expand their ownership base. The Houston JLL capital markets group has closed 15 transactions with DML since 2021.

About Chestnut Ridge Associates, LLC

Chestnut Ridge Associates, LLC is a retail investment firm, focusing on shopping center investment acquisitions, redevelopments, and management.