H-E-B-anchored retail center in Austin sells to EDENS
JLL Capital Markets completed the sale of the fully leased Springdale Shopping Center in growing market
DALLAS, Sept. 22, 2021 – 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.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Forge Capital Partners
Forge Capital Partners is a diversified commercial real estate and investment management company. Forge has built a strong track record as an acquirer and operator of commercial real estate, specializing in socially responsible projects through the Southeast. Since 2000, Forge and its principals have successfully sponsored and managed four real estate oriented, closed-end private equity funds, and executed over $1 billion in retail and multifamily real estate transactions.
About EDENS
EDENS is a retail real estate owner, operator and developer of a nationally leading portfolio of 110 places. EDENS’ purpose is to enrich community through human engagement. The company knows that when people come together, they feel a part of something bigger than themselves and prosperity follows— economically, socially, culturally and soulfully. EDENS has 250 employees across offices in key markets including Washington, D.C., Boston, Dallas, New York, Atlanta, Miami, Charlotte, Houston and Denver. For additional information about the company and its retail real estate portfolio, visit edens.com or follow @WeAreEDENS.