JLL closes sale of a highly visible retail center in Houston, TX

Ryan West

HOUSTON, TX – JLL announced it has closed the sale of North Triangle Shops, a collection of three fully leased, individual, single-tenant pad buildings along with a two-tenant strip building totaling 16,060 square feet in Houston, Texas.

JLL showed the deal to a handful of qualified buyers on behalf of the seller, Braun Enterprises. 

The property was purchased by a local private buyer in an off-market transaction.  

Situated on 2.59 acres on the southwest corner of FM 1960 and interstate 45, North Triangle Shops is ideally positioned with visibility to approximately 250,000 vehicles per day along I-45 and 55,000 along FM 1960.

 Located in the affluent suburb of Spring, approximately 105,800 residents live within a three-mile radius of the property, which is a nearly 12% increase since 2010. 

John Indelli

The property is located 21 miles north of Houston’s CBD and nine miles south of The Woodlands. The center is home to a premier lineup of national tenants like James Coney Island, T-Mobile and Shipley’s Donuts, which occupy the three pad site buildings, while CiCi’s Pizza and PLS Check Cashers together occupy the strip building.

Houston, the fifth largest MSA in the country with a population of nearly seven million, continues to display strong underlying fundamentals that are driving the success of the retail market. 

The Greater Houston Partnership reported that, since 2010, the MSA has added more than one million residents, and it most recently ranked No. 3 in the country, having added 91,689 new residents between January 2017 and 2018. 

A fast-growing population paired with impressive year-over-year job growth (79,800 in May 2019 T-12) has resulted in an overall average retail occupancy rate of 94.5% tying industrial as the No. 1 product type in the city, according to data from CoStar.

The JLL Capital Markets team representing the seller was led by senior managing director Ryan West, director John Indelli and analyst Ethan Goldberg.  

Ethan Goldberg

“We are very pleased to have completed this sale off-market,” Indelli said. “The current buyer pool for strategically positioned retail assets in Houston is deep, and this asset was highly desirable due to its best-in-class tenant lineup and high visibility at the corner of I-45 and FM 1960.”

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.

CONTACTS:

Ryan West

Texas License:  #478560

Phone: +713 852- 3420

Email: Ryan.West@am.jll.com

 John Indelli

Texas License:  #696391

Phone: +713 852- 3420

Email: John.indelli@am.jll.com  

 Kimberly Steele

Phone: +713 852- 3420

Email: Kimberly.Steele@am.jll.com

https://www.braunenterprises.com.

jll.com.

JLL arranges $20.7 million refinancing of select-service hotel in Oceanside, CA

SpringHill Suites by Marriott San Diego Oceanside/Downtown, a 149-room, all-suite, LEED-certified Silver, select-service hotel located in downtown Oceanside, CA

SAN DIEGO, July 19, 2019 – JLL announces it has arranged a $20.7 million refinancing for SpringHill Suites by Marriott San Diego Oceanside/Downtown, a 149-room, all-suite, LEED-certified Silver, select-service hotel located in downtown Oceanside, California.

Olga Walsh

JLL worked on behalf of the borrower to arrange the five-year, fixed-rate loan with Umpqua Bank. Loan proceeds will be used to retire existing loan, cover transaction costs and return portion of borrower equity.

Aldon Cole

SpringHill Suites by Marriott San Diego Oceanside/Downtown was developed in 2014 and features a rooftop lounge along with a pool and spa. 

Additionally, the six-story hotel houses the Hello Betty Fish House, 2,235 square feet of meeting space, a 24-hour fitness center, business center, game room, complimentary breakfast buffet and two levels of subterranean parking. 

Situated on 1.03 acres at 110 N. Myers Street, SpringHill Suites by Marriott San Diego Oceanside/Downtown in the center of Oceanside’s ongoing renaissance; within the three-block area adjacent to the hotel, nearly $500 million of new mixed-use development is either completed or under way, with hundreds of new residential units as well as retail and restaurants under construction. 

The hotel is also near North County San Diego’s tech cluster and within walking distance to Oceanside City Beach.

Aaron Lapping

 The JLL Capital Markets team representing the borrower was led by senior managing director Aldon Cole, director Olga Walsh and associate Aaron Lapping.

  

Deal secured by Holliday GP Corp. prior to being acquired by JLL on July 1, 2019. California Department of Real Estate license #01385740.

CONTACTS:

 Aldon Cole, JLL Senior Managing Director

California License No: 01457351

Phone: +1 858 812 2344

Email: aldon.cole@am.jll.com

 Olga Walsh, JLL Director

California License No: 2052171

Phone: +1 858 812 2371

Email: olga.walsh@am.jll.com

Kimberly Steele, JLL Digital Content/PR Specialist

Phone: +1 713 852 3420

Email: kimberly.steele@am.jll.com

JLL announces sale of 650 From Road Office Building in Paramus, NJ

650 From Road, a 373,420-SF office building in Paramus, NJ

MORRISTOWN, NJ – JLL announces that it has closed the sale of 650 From Road, a 373,420-square-foot office building in Paramus, New Jersey.

Jose Cruz

The JLL team marketed the property on behalf of the seller, Mack-Cali Realty Corp.  A joint venture between Onyx Equities, LLC and Garrison Investment Group, purchased the asset.

650 From Road, built in 1978, is situated on a 20-acre site directly off of the Garden State Parkway approximately 12 miles from Manhattan. 

 The property has convenient access to Routes 17 and 4, as well as Interstate 80, and is positioned in a busy retail corridor near Paramus Park Mall, which is currently being upgraded. 

 Additionally, 650 From Road is adjacent to the future development of the 362-bed, 910,000 square foot Valley Hospital.  The five-story property offers tenants a full-service cafeteria, on-site day care and an atrium lobby. 

Kevin O'Hearn

The sale included a one-story, free-standing building totaling 10,000 square feet which has recently been leased in its entirety to a medical tenant.  The site also has the potential to include future development.

The JLL Capital Markets team representing the seller included senior managing directors Jose Cruz, Kevin O’Hearn and Andrew Scandalios, senior directors Stephen Simonelli and Michael Oliver and director Mark Mahasky.

“We are excited to complete the transaction on behalf of Mack-Cali” Cruz stated.  “The property location, accessibility and tenant base made this a desirable asset for the investment community.”

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 a sale, financing, repositioning, advisory or recapitalization execution. 

Andrew Scandalios

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

 Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.

About Mack-Cali Realty Corporation

Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development and other tenant-related services for its two-platform operations of waterfront and transit-based office and luxury multi-family assets. 

Stephen Simonelli

Mack-Cali provides its tenants and residents with the most innovative communities that empower them to re-imagine the way they work and live.

Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company’s website at mack-cali.com.

About JLL

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.

Michael Oliver

 JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

 For further information, please visit jll.com.

Contacts: 

Jose Cruz, JLL Senior Managing Director

N.J. License: #8743725

Phone: +1 973 549 2000

Email: Jose.Cruz@am.jll.com

 Kristen Murphy, JLL, Director, Public Relations

Phone: +1 617 338 0990

Email: Kristen.Murphy@am.jll.com