Single-tenant retail investment in Houston trades hands
JLL Capital Markets completed the sale of the 2,842 SF bank-occupied property at 1702 Fountain View Dr.
HOUSTON, July 28, 2022 – JLL Capital Markets announced today that it has closed the sale of 1702 Fountain View Dr., a 2,842-square-foot single-tenant retail space leased to Origin Bank in Houston, Texas.
JLL marketed the portfolio on behalf of DML Capital, a Houston-based developer and private investment firm. A Houston-based private family office acquired the properties.
Constructed in 2015, the property is occupied on a long-term net lease by Origin Bank, a banking and financial service provider with 44 banking locations throughout Texas, Louisiana and Mississippi, including 19 locations in the State of Texas, nine of which are in the Houston Metro area. The property features a drive-thru ATM.
Situated on 0.56 acres at 1702 Fountain View Dr., the retail space is located directly across the street from an H-E-B anchored shopping center at a lighted intersection of Fountain View Drive and San Felipe Street, a corner that experiences traffic counts of 50,000 vehicles per day. This ideal positioning puts the property two miles from the Galleria, 10 miles to downtown Houston and the Houston Medical Center and within proximity to some of Houston’s most affluent neighborhoods including Memorial, Tanglewood and Briargrove. The area surrounding the bank has a dense and affluent demographic base with 522,625 residents and average annual household income of 122,855 within a five-mile radius.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Alex Sharrin, Director Alex Geanakos and Associate Nick Franklin. Local support was provided by Senior Managing Director Ryan West and Director John Indelli.
“Well-located net lease retail assets in Houston have demonstrated tremendous price appreciation even amidst today’s volatility,” said Geanakos. “In the case of this asset, possessing a strong regional operator and proximate location to a dominant grocery-anchored center resulted in highly competitive pricing.”
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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About DML Capital, LLC
DML Capital, LLC is a Houston-based developer and private investment firm. DML possesses significant expertise in the retail marketplace throughout the state of Texas.