Neighborhood strip center Katy Green finds new owner in Houston, TX suburb

  

Gianna New

HOUSTON, TX, Oct. 22, 2024 –  JLL Capital Markets has arranged the sale of Katy Green, a 14,920-squre-foot shopping center in Houston, Texas. The price was not disclosed.

 

JLL represented Wile Interests, Inc., the seller, in the transaction and secured a private investor as the buyer.

Amanda G. Altman

JLL Capital Market’s Investment and Sales Advisory team was led by Senior Managing Director Ryan West, Senior Director John Indelli and Analyst Gianna New.

Ryan West

“With the recent interest rate cut by the Federal Reserve we’re entering a more robust liquidity cycle which should create additional demand,” said Indelli. “We have a meaningful imbalance with buyer demand outpacing supply of available shopping centers for sale.”

John Indelli 

Strategically positioned at 19227-19235 Katy Fwy. at Greenhouse Road, Katy Green Shopping Center benefits from its hard corner location adjacent to I-10, which experiences an average daily traffic of over 200,000 vehicles.

“This center will stand as a much-needed beacon of hope and healing for women, children, and families in our area,” said Amanda G. Altman, CEO of Kristi House. “This partnership marks a significant step toward achieving our vision of a permanent, safe sanctuary. By co-owning this space, we are investing in the future of our community and ensuring lasting stability for the life-changing services we provide.” 

The Sanctuary

Moreover, the rapidly growing population base surrounding the center provides a consistent flow of local customers, ensuring steady traffic throughout the day and evening. The presence of well-known, national tenants such as Starbucks and Potbelly further enhances the retail complex’s appeal.

 The 31,514-square-foot property consists of two connected buildings with office and classroom space, along with two parking lots on a two-acre site. The signature building is a 6,500-square-foot church building, “The Sanctuary,” designated as a historic landmark in the City of Homestead. 

 

Houston's retail market is robust, driven by a diverse and expanding population that fuels demand for retail spaces. In this thriving West Houston/Katy Corridor sub-market, with a 96% retail occupancy rate, limited new development helps maintain strong fundamentals and high tenant retention.

 

 Two parking lots on a two-acre site. The signature building is a 6,500-square-foot church building, “The Sanctuary,” designated as a historic landmark in the City of Homestead. 

 

The Katy submarket boasts strong economic fundamentals, with an average household income of $127,246 within a one-mile radius of the property and a thriving job market featuring over 120,000 jobs across diverse industries as well as over 13,000 companies.

 

Constructed in 2013, Katy Green is a part of the 16-acre mixed-use retail and office campus, the only such mixed-use campus in the Energy Corridor/Katy sub-market. This well-established center boasts an impressive 100% occupancy rate, reflecting its prime location and diverse tenant mix.

 

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JLL Capital Markets led the sale and financing efforts for the Hilton Garden Inn and SpringHill Suites Devens in Devens, MA

 

Emily Zhang

BOSTON, MA –  JLL Capital Markets has closed the sale and arranged acquisition financing for the Hilton Garden Inn Devens and the SpringHill Suites Devens in Devens, Massachusetts. Financial details were not disclosed.

 

JLL represented the seller, RA Ventures, in the transaction. Working on behalf of the new owner, the JLL team also secured acquisition financing through BankProv for the Hilton Garden Inn and Avidia Bank for the SpringHill Suites. The hotels will be managed by Jamsan Hotel Management.

Amy Lousararian

The JLL Capital Markets Investment Sales and Advisory team was led by Managing Director Alan Suzuki, Senior Director Matthew Enright and Associate Emily Zhang. Managing Director Amy Lousararian and Associate Hugh Doherty spearheaded JLL's Debt Advisory team.

Alan Suzuki

“These well-located, high-quality assets attracted strong investor interest,” said Suzuki. “The buyer recognized the opportunity to acquire the only two hotels in Devens, positioning them to capitalize on the area's continued growth in a market with high barriers to entry and constrained supply.”

 Matthew Enright 

The 118-room Hilton Garden Inn Devens and 120-room SpringHill Suites Devens are located in Devens, approximately 35 miles northwest of Boston. The hotels benefit from their proximity to numerous corporate demand drivers in the growing Devens innovation cluster.

Hugh Doherty

The Hilton Garden Inn Devens, situated at 59 Andrews Pkwy, features 118 guest rooms, the Great American Grill on-site restaurant, an indoor pool, fitness center with Peloton bikes, business center and 4,575 square feet of meeting space across five event rooms.

Hilton Garden Inn Devens

The SpringHill Suites Devens, located at 27 Andrews Pkwy, offers 120 suites, complimentary breakfast, an indoor pool, fitness center and business center.

 

 The hotel is connected to the Devens Common Conference Center, which provides over 14,000 square feet of flexible meeting and event space across 13 rooms, making it a popular venue for weddings, social events and corporate functions.

SpringHill Suites Devens

Both properties are prominently located off Route 2 at Exit 37B, directly between I-495 and I-190, providing convenient highway access to major economic centers in the region.

 

The area surrounding the hotels offers numerous amenities, including miles of walking paths and bike lanes, playing fields, the award-winning Red Tail Golf Club, 2,100 acres of open space, the Oxbow National Wildlife Refuge and water activities on Mirror Lake.

 

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 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, please visit JLL’s newsroom. 

 

 

Contact: 

 

Grace Lewis, JLL PR

Phone: +1 903 520 3478  

Email: grace.lewis@jll.com

 

jll.com.

bankprov.com.