JLL closes sale of retail center in northern Austin
The strip center is in the 330-acre La Frontera master-planned development
AUSTIN, October 14, 2019 – JLL announced today that it has closed the sale of Vintage Plaza, a three-building strip center totaling 40,612 square feet in the northern Austin community of Round Rock, Texas.
JLL marketed the property on behalf of the seller, Ironwood Real Estate. SITE Centers Corp. purchased the asset free and clear of existing debt.
Completed in 2003, Vintage Plaza is 93.4% leased to a mix of national and popular local retailers, including Men’s Wearhouse, Bamboo Nails & Spa, Burn Boot Camp, La Frontera Dental, Chase Bank, and Brooklyn Pie Company. The property is situated on 4.13 acres at 2711 La Frontera Boulevard at the confluence of one of Austin’s most heavily traveled intersections, SH-45 and Interstate 35, which has a combined traffic count of approximately 290,000 vehicles per day. Vintage Plaza is in La Frontera, a 330-acre, master-planned development containing more than one million square feet of retail; 1,500 multi-housing units; approximately 2.5 million square feet of existing and planned office space; and three hotels, including the only full-service hotel in the county. Located in Williamson County, the property is situated within one of the fastest-growing areas in the nation, as more than 83,000 people living within a three-mile radius.
The JLL Capital Markets team was led by Managing Directors Cathy Nabours and Walter Saad and Analysts Kyle Shaffer and Josh Villarreal.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Ironwood Real Estate
Ironwood Real Estate is a commercial real estate investment firm which focuses on the acquisition and development of properties throughout Texas. Ironwood seeks investment opportunities that provide stable cash flow and build long term value. Through its affiliates, Ironwood Commercial Brokerage and Ironwood Real Estate Management, the firm provides full-service solutions for its properties, its investors, and its third-party clients. In total, Ironwood either owns, leases, or manages two million square feet of improved commercial properties in Texas. Visit ironwoodre.com to learn more.
About SITE Centers
SITE Centers is an owner and manager of open-air shopping centers that provide a highly compelling shopping experience and merchandise mix for retail partners and consumers. The company is a self-administered and self-managed REIT operating as a fully integrated real estate company and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the company is available at sitecenters.com.