JLL arranges sale, financing of Houston strip center
The fully leased retail property is in the affluent Cypress community
HOUSTON, January 23, 2020 – JLL Capital Markets announced today that it has closed the sale of and secured acquisition financing for Miramesa Town Center, a 13,070-square-foot, fully leased multi-tenant strip center near three award-winning master-planned communities in the Houston MSA.
JLL marketed the property on behalf of the seller, Read King Commercial Real Estate. A private investor purchased the asset. Additionally, working on behalf of the new owner, JLL placed the five-year, fixed-rate, balance-sheet loan with a local credit union.
Situated on 1.89 acres at 8931 Fry Road, Miramesa Town Center is in the fast-growing Cypress suburb surrounded by an expanding affluent population. The retail center is in the northwest part of the Houston MSA and at the doorstep of three award-winning master-planned communities, Miramesa, Bridgeland and Towne Lake, which, together, will add 75,000 new residents to the area once completed. With 67,200 residents in the surrounding three-mile radius, the property boasted strong demographics with an average annual household income of $119,541 and a population that is expected to grow more than 11% over the next five years. Miramesa Town Center is part of a larger retail development that is still under development and will include a large, multinational discount department store tenant. The subject property was completed in 2016 and is home to an internet-resistant tenant line up of service, medical and restaurant tenants.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director Ryan West, Director John Indelli and Analyst Ethan Goldberg.
“Surrounded by some of Houston’s fastest-growing, master-planned communities and leased to a lineup of necessity-based retailers, the ingredients were in place for significant investor demand,” Indelli said.
The JLL Debt Placement team representing the new owner included Director Michael Johnson and Analyst Tolu Akindele.
According to the debt placement team, “Miramesa Town Center showed lender’s appetite for well-located and stabilized retail. Banks and CMBS lenders were aggressive in their pursuit to secure this loan.”
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. 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 Read King Commercial Real Estate
Read King is Houston’s leading full-service commercial real estate firm serving landlords, retailers, restaurants and developers from across the nation. Founded by Jeff Read and Ewing King more than 25 years ago, the firm’s expertise includes investment and development strategies, shopping center and build-to-suit development, leasing, tenant representation, property management, land sales and dispositions. Read King has developed over three million square feet of Class A retail space in the Greater Houston area. Visit read-king.com for more information.