JLL closes sale of Austin neighborhood retail center
The fitness-anchored center is fully leased to a variety of internet-resistant tenants
AUSTIN, September 23, 2019 – JLL announced today that it has closed the sale of West Creek, a 53,338-square-foot, Gold’s Gym-anchored neighborhood retail center in southwest Austin, Texas.
JLL marketed the property on behalf of the seller. Dallas-based RAMROCK Real Estate LLC purchased the asset free and clear of existing debt.
Anchored by Gold’s Gym, West Creek is 100% leased to a mix of national, regional and local internet-resistant tenants, including Great Clips, Palm Beach Tan, Cypress Grill, West Creek Dental, Yanagi, Smoothie Factory, Kumon Math & Reading and Edward Jones. The center is situated on 9.27 acres at 4404 West William Cannon Drive in an established retail enclave near where West William Cannon Drive intersects with the MoPac Expressway. West Creek is surrounded by some of Austin’s most prominent and exclusive residential communities, including Circle C Ranch, the Village at Western Oaks, Belterra, Sunset Valley and Loma Vista, and more than 89,700 residents earning an average annual household income exceeding $113,700 live within a three-mile radius of the property.
The JLL Capital Markets team was led by Senior Managing Directors Chris Gerard and Ryan Shore, Director Drew Fuller and Analyst Josh Villarreal.
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 GP Corp. (“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 nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About RAMROCK Real Estate LLC
Formed in late 2017, RAMROCK Real Estate LLC is a Dallas-based private real estate investment firm seeking stabilized, value-add, and development opportunities in the office, retail, multifamily, industrial and land sectors throughout the United States. Since its formation, RAMROCK has acquired over $1.4 billion of real estate assets located in Atlanta, Austin, Baton Rouge, Denver, Dallas-Fort Worth, Houston, New York, Phoenix, San Antonio and Tulsa.