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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Jones Lang LaSalle Inc. published this content on 15 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2023 22:33:20 UTC.
