JLL Capital Markets has closed the sale of and arranged acquisition financing for Wood Ridge Plaza, a 211,218-square-foot, value-add retail strip center anchored by a popular tenant lineup in The Woodlands community within the Houston, Texas.
JLL marketed the property on behalf of the seller, a real estate fund advised by Crow Holdings Capital. DLC Management Corp. acquired the asset in its first Houston acquisition. Additionally, working on behalf of the new owner, JLL secured the three-year, floating-rate, non-recourse acquisition loan.
Built in 1975, Wood Ridge Plaza has been renovated throughout the years and comprises five buildings. The 88.1-percent-leased center is home to a strong lineup of national, regional and local tenants, including Federal American Grill, Kirkland’s, Home Consignment Center, Pappas Bar-B-Q, Skechers, Spec’s, Chair King and Office Depot.
Wood Ridge Plaza is positioned on 19.56 acres in Oak Ridge 27 miles north of Houston’s Central Business District. This location along Interstate 45, the primary north-south thoroughfare for the city, exposes the property to 251,129 vehicles per day. The center is in a superior retail trade area across Interstate 45 from The Woodlands Mall, a dominant mall within the Houston MSA, and surrounded by new development in The Woodlands, Houston’s most successful master-planned community. The center serves an affluent and growing trade area that includes more than 166,000 residents with an average annual household income of $147,783 within a five-mile radius.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Ryan West and Rusty Tamlyn and Analyst Ethan Goldberg.
The JLL Capital Markets Debt Advisory team included Managing Director Cameron Cureton and Analyst Jack Britton.