Two newly built, adjacent retail properties in suburban Austin secure acquisition financing
JLL Capital Markets arranged the financing for the two buildings, totaling 14,135 square feet and located within the Kyle Crossing mixed-use development in Kyle, Texas
AUSTIN, TEXAS – Oct. 12, 2023 – JLL Capital Markets announced today that it has arranged the acquisition financing for two, newly built, adjacent retail properties located in the Kyle Crossing mixed-use development within the Austin suburb of Kyle, Texas.
JLL worked on behalf of the borrower, Door Capital Partners.
The Kyle Crossing mixed-use development provides space for a variety of businesses, including retail, health and wellness, restaurants and entertainment. The two retail buildings are a part of the Kyle Crossing Phase II development and are 100-percent-occupied on a triple-net-lease basis. The 7,254-square-foot building is anchored by Chipotle and is also leased to Crumbl Cookies and Heartland Dental. The second building is 6,913 square feet and is anchored by Black Rock Coffee. Additional tenants include Spoon & Fork and Every Nails Bar.
Located at Marketplace Avenue and Kyle Parkway, Kyle Crossing Phase II is 20 miles south of Austin. The buildings are walkable to 1,100 multi-housing apartments and are within proximity to a Target, Kohl’s, Petco, Ross and HEB. The Village at Kyle is across I-35 to the east and includes the 300,000-square-foot Seton Hospital with up to 600 employees and approximately 150 beds, 100,000 square feet of medical office space, a Wal-Mart Supercenter and Lowe’s. Within a five-mile radius is a population of 200,000 and an average household income of $100,000.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director CW Sheehan and Analysts Kaitlin Kane and Hunt Wood.
“This is another great acquisition for the Door Capital team,” said Sheehan. “Kyle is the third fastest growing city in the county, and this is an outstanding retail corridor.”
The Austin JLL Retail Brokerage team represented the seller.
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.
For more news, videos and research resources on JLL, please visit our newsroom.
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 106,000 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 Door Capital Partners
Door Capital Partners is a private equity firm that invests in hospitality and commercial real estate assets. Through strategic execution and efficient management, Door Capital Partners generates attractive returns for its investors, and makes a positive impact on the people and the communities where it invests. The firm was founded in Austin, TX, in 2020 by Alex Arregui, Alex Suarez and Jerry Carreno. Its retail division is a joint venture with Kiva Grupo Inmobiliario, out of Guadalajara, Mexico.