JLL Capital Markets has closed the sale of 1702 Fountain View Drive, a 2,842-square-foot single-tenant retail space leased to Origin Bank in Houston.
JLL marketed the portfolio on behalf of DML Capital, a Houston-based developer and private investment firm. A Houston-based private family office acquired the properties.
Constructed in 2015, the property is occupied on a long-term net lease by Origin Bank, a banking and financial service provider with 44 banking locations throughout Texas, Louisiana and Mississippi, including 19 locations in the State of Texas, nine of which are in the Houston Metro area. The property features a drive-thru ATM.
Situated on 0.56 acres at 1702 Fountain View Drive, the retail space is located directly across the street from an H-E-B anchored shopping center at a lighted intersection of Fountain View Drive and San Felipe Street, a corner that experiences traffic counts of 50,000 vehicles per day. This positioning puts the property two miles from the Galleria, 10 miles to downtown Houston and the Houston Medical Center and within proximity to some of Houston’s most affluent neighborhoods including Memorial, Tanglewood and Briargrove. The area surrounding the bank has a dense and affluent demographic base with 522,625 residents and average annual household income of 122,855 within a five-mile radius.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Alex Sharrin, Director Alex Geanakos and Associate Nick Franklin. Local support was provided by Senior Managing Director Ryan West and Director John Indelli.
