JLL Capital Markets Completes Sale of Fully Leased Mall in Austin
JLL Capital Markets today announced the closing of the sale of Springdale Shopping Center, a 163,145 square foot fully leased shopping center headquartered at HEB in the northeastern portion of Austin, Texas.
JLL marketed the property on behalf of the seller, Forge Capital Partners. EDENS purchased the asset.
Springdale Mall is anchored by a high performing HEB, which is established as Texas’ preeminent grocer. The center is also home to a diverse mix of tenants, including Ross Dress for Less, dd’s, Dollar Tree, O’Reilly Auto Parts, Subway, KFC, and Wingstop. These national tenants have a long history at Springdale Shopping Center and many of them have below market rents, providing opportunities for future rental growth.
Located on 12.58 acres at 7112-7210 Ed Bluestein Blvd. The Springdale Mall is home to Austin’s most easterly HEB location, allowing the center to retreat from a large shopping area that is home to 87,339 residents within a three mile radius with an average annual income per household of $ 73,137 – a 53 percent increase from five years ago. This area has exploded in recent years, with population growth of 22% since 2010 and even more expected over the next five years.
The JLL Capital Markets sales and investment advisory team representing the seller was led by Senior Managing Directors Chris Gerard and Ryan Shore, Senior Managing Director Clint Coe, and Analysts Erin Lazarus and Zach Riebe.
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupants. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment and sales advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.