JLL closes sale of The Mix @ Midtown in Houston
The fully leased retail property spans an entire city block in Houston’s urban core
HOUSTON, November 6, 2019 – JLL announced today that it has closed the sale of The Mix @ Midtown, a 73,000-square-foot, fully leased, Class A retail property that is housed on an entire city block in Houston’s Midtown neighborhood.
JLL marketed the property on behalf of the seller, Crosspoint Properties, who developed the property in 2008. Fifth Corner, in a joint venture with Pointer Real Estate Partners, purchased the asset.
The Mix @ Midtown anchors Houston’s Midtown neighborhood, a highly walkable neighborhood and Houston’s primary 24/7 district near downtown and the Texas Medical Center. The property pioneered the first mixed-use asset in the area. It is fully leased to a best-in-class roster of experiential retailers, including 24 Hour Fitness, Jinya Raman Bar, Artisans Restaurant, Gen Korean BBQ, Piola, Kung Fu Tea and Cloud 10 Creamery. Situated on 1.43 acres at 3201 Louisiana Street, The Mix @ Midtown spans an entire city block in Houston’s Midtown neighborhood and includes a 296-space parking garage, a unique feature in MIdtown. The property is located at the hard corner of Louisiana and Elgin, which is Midtown’s busiest intersection with approximately 45,000 vehicles passing through daily.
Midtown is sandwiched between the two largest employment centers in Houston, including downtown (300,000 daytime population) and The Texas Medical Center (107,000 daytime population). The demographics in Midtown and around The Mix are staggering, with 188,000 residents with an average annual household income of $127,000 and a daytime population exceeding 400,000 workers within three-mile radius. The area benefits from access to the METRORail Red Line, which, as one of the nation’s most travelled metro lines based on boardings per track mile, connects downtown Houston to the Texas Medical Center and passes right through Midtown just two blocks from The Mix. Additionally, Midtown is highly walkable, evidenced by a Walk Score of 86, and is flush with parks, art galleries, restaurants and nightlife. Several major developments are underway in Midtown highlighted by Morgan Group’s Whole Foods-anchored residential building (one block away) and Rice University’s Ion innovation district. Phase I of the Ion will be a $100 million renovation of a 270,000-square-foot Sears, which will serve as a gathering place for startups, large corporations seeking new technologies, venture capitalists, business accelerator and academics.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Rusty Tamlyn, Directors John Indelli and Michael Johnson and Analyst Bryan Strode.
“Packed with high-rise apartments, big incomes, walkability, public transportation, daytime population and greenspace, all the ingredients are in-place for Midtown, which has evolved into one of Houston’s top retail, office and living destinations,” Indelli said.
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 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 Crosspoint Properties
Crosspoint Properties is a premier developer of retail and mixed-use projects in Houston’s urban core. Crosspoint Properties’ projects are designed to help tenants differentiate themselves in the marketplace through superior location and quality. The company’s innovative ideas and resourceful people enable it to positively impact the quality of life of the neighborhoods in which it develops. For more information, visit crosspointproperties.com.
About Fifth Corner
Fifth Corner is a Houston-based real estate company comprised of local sharpshooters investing and creating value on Irreplaceable Corners™ – retail and mixed-use properties in targeted urban and emerging urban submarkets. Visit fifthcorner.com to learn more.