Sale of Richardson Heights closes
JLL Capital Markets facilitates sale of 201,433-square-foot shopping center
DALLAS, July 17, 2024 – JLL Capital Markets announced today the sale of Richardson Heights, a 201,433-square-foot shopping center located in Richardson, Texas.
JLL represented the seller, Silver Star Properties REIT, and JAH Realty acquired the asset.
Constructed in the 1950s, Richardson Heights was the city of Richardson's first shopping center and has become a staple for the community for the past 70 years. Now, the center is 79% leased and anchored by national, high performing tenants including Alamo Draft House, TJ Maxx and Half Priced Books.
Located at 100 South Central Expressway, the property offers 175 feet of highly visible frontage on US-75 and caters to over 148,000 residents within a three-mile radius. Richardson Heights is also surrounded by affluent and educated neighborhoods, leading to significant consumer spending for the property. Moreover, its proximity to Dallas and The University of Texas at Dallas attracts a diverse mix of families and young professionals, which have had more than a 20% population growth since 2010.
The JLL Investment Sales and Advisory team was led by Senior Managing Directors Adam Howells and Chris Gerard along with Associate Ben Esterer and Analyst Keenan Ryan.
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 sales and 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
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Silver Star Properties REIT, Inc.
Silver Star Properties REIT, Inc. is a self-managed real estate investment trust with a history of operational excellence and a focus on institutional-grade self-storage property acquisitions.
About JAH Realty
JAH Realty is a leading retail real estate operating company focused on the acquisition, development, leasing, and management of real estate with an emphasis on neighborhood and community shopping centers. The company owns shopping centers in Dallas-Ft. Worth and Oklahoma City MSA’s totaling approximately 2.8 million square feet and manages another 900,000 square feet in 2 different states for its affiliate, TriGate Capital.