JLL Capital Markets announced today that it has closed the sale of Springdale Shopping Center, a fully leased, 163,145-square-foot retail center anchored by H-E-B in the northeast part of Austin, Texas.
JLL marketed the property on behalf of the seller, Forge Capital Partners. EDENS purchased the asset.
Springdale Shopping Center is anchored by a high-performing H-E-B, which is established as Texas’ pre-eminent grocer. The center is also home to a diverse tenant mix, including Ross Dress for Less, dd’s, Dollar Tree, O’Reilly Auto Parts, Subway, KFC and Wingstop. These national tenants have a long-standing history at Springdale Shopping Center, and many having below-market rents, offering future rent growth opportunities.
Situated on 12.58 acres at 7112-7210 Ed Bluestein Blvd. Springdale Shopping Center houses the H-E-B location that is the furthest east in Austin, allowing the center to pull from an extended trade area that houses 87,339 residents within a three-mile radius with an average annual household income of $73,137 – a 53 percent increase from five years ago. This area has exploded in recent years, with 22 percent population growth since 2010 and even more anticipated over the next five years.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Chris Gerard and Ryan Shore, Senior Director Clint Coe and Analysts Erin Lazarus and Zach Riebe.
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.