JLL Capital Markets secured the financing of Cornerstone Plaza, a fully leased retail center located in Southlake, Texas.
JLL represented the borrower, Brownlee Waggoner Holdings. The lender was Hillcrest Bank.
Cornerstone Plaza is strategically positioned at 2707-2727 East Southlake Blvd., less than half a mile from Highway 114, which sees 150,000 vehicles per day. This prime location along a dominant retail corridor provides excellent accessibility and visibility, drawing customers from Southlake’s affluent surrounding communities. The center benefits from its proximity to Southlake Town Square, which generates eight million visits annually, and sits just four miles from Dallas Fort Worth International Airport.
Southlake is one of the most affluent suburbs in the Dallas-Fort Worth metropolitan area. The five-mile radius surrounding Cornerstone Plaza features an average household income of $222,438, more than 184% higher than the national median, and a population of 121,438 residents with a median age of 42.2 years.
The retail center was originally built in 2002 and comprises 51,664 square feet of net rentable area across two buildings situated on 5.9 acres with 273 parking spaces. The property is 100% leased to eight tenants and features a 9.7-year weighted average lease term. Cook Children’s Medical Center, a large nonprofit pediatric health system operating 60-plus primary, specialty and urgent care locations throughout Texas, serves as the credit-backed anchor tenant under a net lease extending through January 2038. Additional tenants include Activate Games, Cristina’s Mexican Restaurant, Smoothie King and several service-oriented businesses.
Cornerstone Plaza presents a stable income stream with embedded rent growth, as over 85% of leased space carries contractual 3% annual escalations. The medical-anchored tenancy profile provides insulation from e-commerce disruption while serving the healthcare needs of Southlake’s aging, high-income population.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director John Rose, Director Kristi Leonard and Associate Chad Lisbeth.
