JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for Fairway Retail Center, a 49,600-square-foot, fully leased strip retail center in the Houston-area community of Pasadena, Texas.
JLL marketed the property on behalf of the seller, an affiliate of Camden Securities Company. A private investor group managed by Concierge Management and led by Akbarali Momin acquired the asset. Additionally, working on behalf of the new owner, JLL placed the 10-year, fixed-rate acquisition loan with Starwood Mortgage Capital.
Fairway Retail Center was completed in 2002 and is home to a diverse mix of national and local tenants that includes Mattress Firm, Chipotle, Pearle Vision, GameStop, Ramen Sun, Lovett Dental, Vitamin Shoppe, Massage Heights, AMC Nails, Wingstop and Jersey Mike’s. The fully occupied retail property is shadow anchored by Target, Kohl’s and Hobby Lobby.
Situated on 4.63 acres at 5575-5769 Fairmont Pkwy., the center has frontage along the primary east-west thoroughfare in Pasadena, a highly desirable suburb approximately 10 miles southeast of downtown Houston, and near Beltway 8, one of Houston’s primary outer loops. Fairway Retail Center serves a growing trade area housing 87,714 residents earning an average annual household income of $76,860 within a three-mile radius.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Rusty Tamlyn and Ryan West and Analyst Bryan Strode. George Tesfa with Commercial Partners represented the buyer in the sale.
“Fairway Retail Center has been a consistently well-occupied strip retail center even through the pandemic due to its small space configuration and location in front of top-performing Target and Kohl’s locations,” Tamlyn said. “It also enjoys a strategic location at the intersection of the Sam Houston Tollway at Fairmont Parkway in Pasadena with great access and visibility.”
The JLL Capital Markets Debt Advisory team representing the new owner included Senior Director Michael Johnson and Analysts Jack Britton and Stuart Hepler.
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.