News release

Texas-based partnership acquires Rio Norte Shopping Center

JLL Capital Markets closed the sale of a 222K-square-foot shopping center located in Laredo, Texas

June 18, 2024

Kristen Murphy

Capital Markets, Hotels & Hospitality and Value & Risk Advisory PR
+1 617 848 1572

DALLAS, Texas, June 18, 2024 – JLL Capital Markets announced today that Kobalt Investment Company LLC, a Dallas-based commercial real estate investment firm, has acquired a controlling interest in the Rio Norte Shopping Center, located in the high-growth border town of Laredo, TX.

Kobalt partnered with Dallas’ Stonefield Investment Advisors LLC and San Antonio’s Espada Real Estate to acquire the 222,291-square-foot Class A retail center. JLL represented the seller in the transaction.

"We are thrilled to acquire control of this exceptional retail asset in the booming Laredo market," said Ginnie McCorkle, Partner in Kobalt Investment Company. "Rio Norte's premier location, performance and the area's robust growth dynamics drive this outstanding investment opportunity."

Located directly off Interstate 35, the center is in the heart of Laredo’s retail core that includes one of the nation’s top Walmart Supercenters and the Mall del Norte, a 1.2 million-square-foot super-regional mall. Anchored by the top-performing Ross Dress for Less in Texas, Rio Norte Shopping Center is also home to Michael’s, Petco, Dollar Tree, Shoe Carnival, Five Below, dd’s discounts, Spec’s and more.

JLL’s Retail Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Adam Howells and Associate Matthew Barge.

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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.


About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit