Sale of neighborhood power retail center in Houston closes
JLL Capital Markets arranged the sale of the 195,575-square-foot Steeplechase Center in Northwest Houston, Texas
HOUSTON, May 15, 2023 – JLL Capital Markets announced today that it has closed the sale of Steeplechase Center, a 195,575-square-foot neighborhood power retail center in Northwest Houston, Texas.
JLL represented the seller, Jones 1960 Crossroads, LLC, and Highland Capital acquired the asset.
The 82-percent-occupied Steeplechase Center is leased to Goodwill, Melrose, Citi Trends, Uptown Beauty, Dollar Tree, dd’s Discounts, 99 Cents Only, Big City Wings, Leslie’s Pools, Rent a Center, La Reyna Tortilleria, Kim’s Hair Salon, Imperial Foot Reflexology, Iris Nails and Spa, Nancy’s Tailor, Metro PCS, Pho Town, Checkers and Ostioneria Michoacan.
The property is located at 10705-10951 Jones Rd. directly off of Cypress Creek Parkway. The center is approximately a 30-minute drive from downtown Houston.
The JLL team that represented the seller was led by Senior Director John Indelli and Senior Managing Director Ryan West.
“Capital continues to seek Texas retail centers with buyer demand outstripping supply of retail deals. Investors liked Steeplechase’s national tenant lineup, four-pad buildings and value-add potential via lease up and rental rate upside,” said Indelli.
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.
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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 $20.9 billion and operations in over 80 countries around the world, our more than 103,000 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 jll.com.
About Highland Capital
Highland Capital is an investment group based out of Nashville, Tennessee. The group owns assets across the country, with a sole focus on retail shopping centers that contain a value add component through vacancy and other various factors. Highland Capital has owned and re-developed over 85 properties totaling over 6,500,000 square feet nationally. They have the expertise to ensure a quick and seamless closing process, as well as a broad network of tenant relationships that allows a successful re-development of the properties and a maximization of value.