JLL closes sale of a highly visible retail center in Houston
The fully occupied property is at a heavily travelled north Houston intersection
HOUSTON, July 16, 2019 – JLL announced today that it has closed the sale of North Triangle Shops, a collection of three fully leased, individual, single-tenant pad buildings along with a two-tenant strip building totaling 16,060 square feet in Houston, Texas.
JLL showed the deal to a handful of qualified buyers on behalf of the seller, Braun Enterprises. The property was purchased by a local private buyer in an off-market transaction.
Situated on 2.59 acres on the southwest corner of FM 1960 and interstate 45, North Triangle Shops is ideally positioned with visibility to approximately 250,000 vehicles per day along I-45 and 55,000 along FM 1960. Located in the affluent suburb of Spring, approximately 105,800 residents live within a three-mile radius of the property, which is a nearly 12% increase since 2010. The property is located 21 miles north of Houston’s CBD and nine miles south of The Woodlands. The center is home to a premier lineup of national tenants like James Coney Island, T-Mobile and Shipley’s Donuts, which occupy the three pad site buildings, while CiCi’s Pizza and PLS Check Cashers together occupy the strip building.
Houston, the fifth largest MSA in the country with a population of nearly seven million, continues to display strong underlying fundamentals that are driving the success of the retail market. The Greater Houston Partnership reported that, since 2010, the MSA has added more than one million residents, and it most recently ranked No. 3 in the country, having added 91,689 new residents between January 2017 and 2018. A fast-growing population paired with impressive year-over-year job growth (79,800 in May 2019 T-12) has resulted in an overall average retail occupancy rate of 94.5% tying industrial as the No. 1 product type in the city, according to data from CoStar.
The JLL Capital Markets team representing the seller was led by senior managing director Ryan West, director John Indelli and analyst Ethan Goldberg.
“We are very pleased to have completed this sale off-market,” Indelli said. “The current buyer pool for strategically positioned retail assets in Houston is deep, and this asset was highly desirable due to its best-in-class tenant lineup and high visibility at the corner of I-45 and FM 1960.”
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 a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.
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 over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Braun Enterprises
Braun Enterprises is a full-service commercial real estate company dedicated to building long-lasting relationships and contributing to the communities in which we develop. The award-winning firm specializes in ground-up development, redevelopment and repositioning of various types of well-located real estate throughout Texas. For more information, visit https://www.braunenterprises.com.
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