JLL arranges sale, financing for Houston retail center
The property is in one of the fastest-growing residential areas in suburban Houston
HOUSTON, May 20, 2020 – JLL Capital Markets announced today that it has closed the sale and arranged acquisition financing for Rayford Village, a 19,950-square-foot, fully leased retail center in the north Houston-area suburb of Spring, Texas.
JLL marketed the properties on behalf of the seller, BNS Rayford Partners, LP, represented by Adam Soffar and Rob Naggar. Additionally, working on behalf of the new owner, JLL placed the 10-year, fixed-rate acquisition loan with First Community Credit Union.
Rayford Village comprises two adjacent buildings that are home to a variety of national and local retailers, including Cole Veterinary Services, SK Salon, Goodwill, Pizza Hut, Papa John’s, DC Cleaners and Nail Bar. Situated on 2.7 acres at 2725 and 2757 Rayford Rd, the property’s surrounding retail is one of the fastest-growing residential areas in Houston. More than 64,500 residents earning an average annual household income of $114,757 live within a three-mile radius, and that population is projected to increase nearly 15 percent to 73,689 by 2024. Additionally, Rayford Village is proximate to some of the city’s top corporate headquarters, multiple schools and the Grand Parkway, Houston’s newest outer loop.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director Ryan West, Director John Indelli and Analyst Katherine Miller.
The JLL Capital Markets debt placement team representing the new owner included Senior Director Michael Johnson and Analysts Stuart Helper and Trey Pizzitola.
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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
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 $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.