JLL arranges acquisition loan for Columbus-area retail center
The Class A shopping center is part of a mixed-use lifestyle center
DALLAS, January 21, 2020 – JLL Capital Markets announced today that it has arranged financing for the acquisition of The Shops at Worthington Place, a 139,283-square-foot, Class A, retail center that is part of a larger mixed-use property in the Columbus-area community of Worthington, Ohio.
JLL worked on behalf of the borrower, Direct Retail Partners, to place the three-year, floating-rate loan with Bayview Asset Management.
The Shops at Worthington Place is 92% leased to a mix of national and regional restaurant tenants, including Talbots, Panera, Orvis, Kenneth’s Hair Salon, First Watch, Aladdins Eatery and Lume Family Eyecare. Additionally, the center is shadow anchored by Kroger. The Shops at Worthington Place was completed in three phases ending in 2011 and is part of a larger, trophy, mixed-use center that includes a 190-unit multi-housing complex that is not part of the asset. Situated on 15.66 acres at 7227 North High Street, the center is at the highly visible corner of Interstate 270, the busiest highway in Ohio, and North High Street, which has traffic counts totaling 228,000 vehicles per day. This dense, infill location north of downtown Columbus has more than 94,400 residents living within a three-mile radius of the property and earning an average annual household income of $97,065.
The JLL Capital Markets Debt Placement team representing the borrower was led by 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.
About Direct Retail Partners
Direct Retail Partners, formerly Direct Development, is a privately held and operated commercial retail real estate firm founded in 1997. The firm offers a specialized team that has extensive experience in the development, operations and marketing of shopping centers. Direct Retail Partners offers a unique set of services designed to address the most difficult issues facing today’s shopping center owners. The company finds solutions that provide the keys to unlocking value. At a time when change and volatility continue to be the backdrop for many difficult decisions, Direct Retail Partners is finite in its focus to provide all the necessary resources and experience to assist our partners in maximizing the value of their commercial retail assets. Visit directretailpartners.com to learn more.