Garden Oaks Retail Center Trades Hands
JLL Capital Markets represented the seller, Fifth Corner, and Meredith Cullen and David Cook with Cushman and Wakefield represented the buyer, in the sale of Garden Oaks Shopping Center, a 13,877-square-foot retail strip center located at the northeast corner of Shepherd Road and 34th Street in Houston, Texas.
Originally developed in 1950 and extensively renovated, the fully leased property is occupied by Upside Pub, Pinks Pizza, Village Liquor, Community Vet and Molly’s Mutt House. The property features a strong tenant lineup, which provides essential goods and services to the fast growing nearby population.
Situated at the intersection of N. Shepherd Road and 34th Street, Garden Oaks Shopping Center is well positioned just north of Interstate-610, benefiting from its daily traffic counts of over 230,000 vehicles per day. The surrounding neighborhood, Garden Oaks/Oak Forest, includes high-end single-family housing, multi-housing developments and an ever-growing restaurant and entertainment scene. Within a five-mile radius is a population of 569,333 residents and an average household income of $110,800. Conveniently located, Garden Oaks/Oak Forest provides excellent access to Houston’s major employment hubs with a 12-minute drive to Downtown, an 11-minute drive to the Uptown/Galleria area and a 16-minute drive to the Texas Medical Center.
The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Ryan West, Senior Director John Indelli and Analyst Clay Andersen.
“Garden Oaks Shopping Center is well-established, and assets of this quality and location rarely become available,” Indelli said. “While Garden Oaks Center was ultimately acquired by a local group, there is significant institutional capital forming that will chase unanchored strip-center retail assets.”
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.