JLL Capital Markets arranges sale and acquisition loan for Shops of Bella Terra in Richmond, TX

Wendy Vandeventer 

  HOUSTON, TX – JLL Capital Markets has closed the sale of and arranged acquisition financing for Shops of Bella Terra, a 271,157-square-foot, institutionally owned and operated regional power center in the Houston-area community of Richmond, Texas.

Erin Lazarus

 JLL marketed the property on behalf of the seller. Fidelis Realty Partners LLC acquired the asset. Additionally, working on behalf of the new owner, JLL placed the 10-year, fixed-rate acquisition loan with Morgan Stanley.

Barry Brown

 According to Placer.ai data, Shops of Bella Terra is the most visited shopping center within a five-mile radius, which includes 222,815 residents earning an average annual household income of $162,371.

Situated on 35.57 acres at 5472 W. Grand Pkwy., the center has frontage along the Houston’s Grand Parkway, Houston’s outer loop highway that services the northern and western suburbs.

This location in Richmond places it in a growing Fort Bend County location near two of the nation’s top 20 master-planned communities.

Adam Howells

 

Completed between 2008 and 2013, Shops of Bella Terra is 93 percent leased to a diversified merchandising mix that includes 24 Hour Fitness, Total Wine & More, Best Buy, Five Below, Ulta Beauty and pads that include Chick-fil-A, Whataburger and more.

Additionally, vacant land for additional pad site development was included in the sale.

 The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Barry Brown and Adam Howells, Managing Director George Cushing, Senior Director Wendy Vandeventer and Analysts Ethan Goldberg and Erin Lazarus.

George Cushing

“The significant buyer interest we received on Shops of Bella Terra is indicative of the broad liquidity taking shape in the retail sector targeting across deals of all sizes,” Brown said. “We are very pleased with the outcome of this transaction.”

The JLL Capital Markets Debt Advisory team representing the new owner included Senior Managing Director Colby Mueck, Senior Director James Brolan and Analyst Stuart Hepler.

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

Ethan Goldberg 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and 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 on JLL, please visit our newsroom.

 

Colby Mueck

About Fidelis Realty Partners LLC

Fidelis is an owner, operator and developer of retail, healthcare and residential commercial real estate projects.

 Fidelis has approximately 16 million square feet of property located in six states. 

Fidelis is headquartered in Houston with regional offices in Dallas, Texas, and Santa Fe, New Mexico.

Fidelis’ mission is to maximize the value of the properties they serve for their tenants, customers, partners and communities. 

 About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.

James Brolan

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 $16.6 billion, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021.

Stuart Hepler

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

CONTACT:

Kimberly Steele

PR, Capital Markets,

Agency Leasing

 and Valuation Advisory 

JLL

T +1 713 852 3420

M +1 832 244 9994

JLL.com

  frpltd.com.

JLL Capital Markets arranges financing for Lone Star Funds to purchase Legacy Place open-air retail center in Palm Beach Gardens, FL

Claudia Steeb

 

 MIAMI, FL – JLL Capital Markets has arranged financing for the acquisition of Legacy Place, a Class A, 424,500-square-foot, open-air retail destination in the South Florida community of Palm Beach Gardens.

 JLL worked on behalf of the borrower, an affiliate of Lone Star Funds, to place the three-year, floating-rate loan with Wells Fargo Bank.

 Legacy Place retail center located
on 43.1 acres at 11315 Legacy Avenue
 Palm Beach Gardens, FL

 Legacy Place is anchored by Best Buy, Barnes & Noble, Total Wine & More, Michaels and Petco, all original tenants of the center, which was completed in 2006 and 2007.

Legacy Place is also home to a strong and diversified tenant lineup, including Ethan Allen, Miami Children’s Hospital, The Container Store, Bassett Furniture, The Capital Grille, Chili’s Grill & Bar and Five Guys.

Chris Drew

The property’s open-air concept presents a walkable format, outdoor common areas with dining options and a spacious layout.

 Located on 43.1 acres at 11315 Legacy Avenue, Legacy Place sits at the interchange of PGA Boulevard and ATL A1A, two heavily trafficked corridors with daily traffic volumes exceeding 96,300 vehicles per day.

The center is within a premier, upscale retail area in Palm Beach Gardens, an affluent community 70 miles north of Miami that ranks among the wealthiest and most exclusive areas in the nation.

The property draws from an extended 115-square-mile trade area that includes 347,000 people and 136,891 households with a total buying power exceeding $12.4 billion.

Zach Barone 

The JLL Capital Markets Debt Advisory team that represented the borrower was led by Senior Managing Director Chris Drew, Managing Director Claudia Steeb and Analysts Zach Barone and Maddy McMillen. 

 “We appreciate the opportunity to represent Lone Star Funds to secure the financing, which required lender flexibility throughout the process,” Steeb said.

“The strength of the sponsorship enabled us to secure debt quotes for this non-grocery-anchored asset in a challenging retail financing market. We can’t wait to see the transformation of Legacy Place.”

Maddy McMillen

About Lone Star Funds

Lone Star is a leading private equity firm founded by John Grayken advising funds that invest globally in real estate, equity, credit and other financial assets.

 

Since the establishment of its first fund in 1995, Lone Star has organized 21 private equity funds with aggregate capital commitments totaling more than $85 billion.

 

The firm organizes its funds in three series: the Commercial Real Estate Fund series; the Opportunity Fund series; and the U.S. Residential Mortgage Fund series.

John Grayken

 Lone Star invests on behalf of its limited partners, which include institutional investors such as pension funds and sovereign wealth funds, as well as foundations and endowments that support medical research, higher education, and other philanthropic causes.

 

CONTACT:

 

Kimberly Steele

PR, Capital Markets,

Agency Leasing

 and Valuation Advisory 

JLL

T +1 713 852 3420

M +1 832 244 9994

JLL.com

 www.lonestarfunds.com.

 

Developer James Dicks Seek to Grow Brooksville’s Southern Pines Condominium Plan into a Single-Family Home Community

 

James Dicks

BROOKSVILLE, FL – DIX Developments is seeking rezoning of property at Southern Pines to single-family, and has requested an amendment to Hernando County’s master plan that would add 169 single-family homes to the existing 32 condominiums.

 The gated 37-acre Southern Pines community currently has 32 completed condominium units in two buildings, and a 7,000-square-foot clubhouse with indoor and outdoor pools, according to James Dicks, president of DIX Development LLC.

 

He said the rezoning would decrease the original plan by 55 dwelling units.

 

“We’ve spent the past four months reviewing the feasibility of the existing project,” Dicks said. “Brooksville is a great market right now with interest that’s growing every day.

 

"We believe that creating a single-family community will generate value for all businesses and residents in the area.”

 

Dicks, who named CPH as the civil engineering firm in charge of the plan, said the project will create numerous jobs and subcontractor opportunities while boosting the local economy.

“Now that we own the property, we will ask for an amendment to the existing planned development. We’re excited and look forward to delivering a value-added project to this area.”

 

CONTACTS:

Scott Prewitt, Executive Vice President of Business Development, DIX Developments, LLC, 407-542-6120 or scott@dixdevelopments.com

 

James Dicks, CEO, DIX Developments LLC,

 407-542-6120 james@dixdevelopments.com 

 

Beth Payan, Larry Vershel Communications,

407-644-4142, 407-461-3781 or beth@larryvershel.com.