JLL closes sale of gym-anchored retail center
Shops at Walzem is in San Antonio, Texas, near Randolph Air Force Base
DALLAS, January 6, 2020 – JLL Capital Markets announced today that it has closed the sale of Shops at Walzem, a 55,526-square-foot, Gold’s Gym-anchored retail center in San Antonio, Texas, three miles from Randolph Air Force Base.
JLL marketed the property on behalf of the tenant and owner, Gold’s Gym. Mark Sher, an investment sales specialist and currently a director at KW Commercial, represented the buyer.
Situated at 7650 FM 78, in the eastern part of San Antonio, Shops at Walzem is three miles from Randolph Air Force base, which is home to 15,942 active military members. The base is part of the overall Joint Base San Antonio, an impressive network of military bases in the San Antonio area with a population of more than 80,000. The retail center serves an extended trade area; more than 191,300 residents earning an average annual household income of $72,040 live within a five-mile radius of the property. Shops at Walzem has an internet-resistant tenant lineup that includes Beauty Supply, Iglesia Pentecostal and Sun Sews Alterations.
According to a recent JLL Research Report, fitness centers bring in a steady flow of consumers, increasing traffic to the center. In fact, 47% of consumers are motivated to visit a shopping center if it has a fitness or wellness tenant.
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.