Direct acquires The Shops at La Palmera CORPUS CHRISTI, TEXAS
CORPUS CHRISTI, TEXAS, August, 2017 – JLL’s Capital Markets experts today announced the firm completed the sale of The Shops at La Palmera, located at 4938 S Staples Street in Corpus Christi, Texas, on behalf of Miller Capital. Direct Development purchased the retail center.
JLL Capital Markets Managing Director Adam Howells, Managing Director Tom Salanty and Senior Associate Caroline Binning led the JLL team on the deal.
The 225,531-square-foot retail center is 97% leased and features a top-tier line-up of national retailers including Dick’s Sporting Goods, TJMaxx, HomeGoods and Big Lots. The asset is located in a highly visible area, directly across from La Palmera Mall.
“The property is well-positioned in a unique, high-traffic area, establishing itself as the premier shopping destination for over half a million residents in the Costal Bend Region,” said Salanty. “This is a great opportunity for the investor with excellent upside.”
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com