HOUSTON— Jones Lang LaSalle’s Capital Markets experts today announced the sale of Northwest Crossing Centre, a 179,469-square-foot, fully leased shopping center in Houston. USA Properties purchased the property — which is anchored by Best Buy, Marshalls, Big Lots and Shoe Carnival — from Weingarten Realty.
Managing Director George Cushing and Vice President Wendy Vandeventer led the JLL team on the transaction. Executive Vice President Jimmy Board secured 10-year, fixed-rate financing for the acquisition.
"This property attracted intense interest in the marketplace,” Cushing said. “The shopping center is in great shape, with no vacancies, and has a rent roll dominated by national and regional credit tenants.”
Northwest Crossing Centre, which is shadow anchored by a 126,000-square-foot Target, is at the intersection of U.S. 290 and Hollister Road. The infill center is located only 12 miles from Houston’s Central Business District and nine miles from the Galleria/Uptown market.
Jones Lang LaSalle 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 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.
Contact: Megan Dolan