Jones Lang LaSalle Inc.
09/26/2024 | Press release | Distributed by Public on 09/26/2024 14:29
A thriving retail center, Castle Hills Market, transacts in San Antonio
HOUSTON, Sept. 26, 2024 - JLL Capital Markets announced today that it has arranged the sale of Castle Hills Market, a 97,682-square-foot neighborhood retail strip in San Antonio, Texas.
JLL worked on behalf of the seller, Ziff Real Estate Partners, to procure the buyer, Kobalt Investment Company LLC.
Castle Hills Market, situated at 2211 NW Military Hwy., is strategically positioned on a vital retail artery in Northwest San Antonio, experiencing over 40,000 vehicles daily. With a population of 120,667 and an average household income of $139,000 within a 3-mile radius, the area presents outstanding demographics.
San Antonio is home to the largest concentration of IT and cyber security jobs outside of Washington DC, offering the city ample employment opportunities. In addition to being a top tourist destination in Texas and a military hub with four bases, San Antonio is attracting young families with its affordable housing options, excellent schools and central location. The city is experiencing a significant demographic shift and boasts a diverse economy.
Situated on over 6.71 acres and constructed in 1986, Castle Hills Market is a thriving shopping center. With an impressive occupancy rate of 91%, it houses key anchor tenants such as Alamo Bridal, Edward Jones, Allstate, St. James Place and Beast Gym.
JLL Capital Market's Investment and Sales Advisory team was led by Senior Managing Director Ryan West, Senior Director John Indelli, Senior Director Chris Gerard, Director Whitney Snell and Analyst Gianna New.
"San Antonio's significant population growth, diverse economy and strong employment trends make it an attractive market for both investors and businesses," said Snell. "Castle Hills Market presents a valuable asset in a prime location with strong demographics and tenant occupancy."
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.
For more news, videos and research resources, please visit JLL's newsroom.
Ziff Real Estate Partners (ZRP) is a vertically integrated owner and operator of neighborhood retail, self-storage, office and industrial properties. Since 1991, Ziff has exclusively managed all aspects of the investment process, emphasizing value-add, redevelopment and new development of assets. Ziff Properties, Inc. (ZPI) serves as the tenant-facing entity and provides in-house property management services to tenants.
Kobalt Investment Company, a private real estate investment firm, swiftly gained recognition in the retail real estate industry due to its founders' experience and extensive network. With a team of industry leaders boasting decades of combined experience, Kobalt has closed transactions exceeding $5 billion, delivering strong returns. Acquiring properties in high-growth markets, Kobalt creates value through accretive leasing and strategic redevelopment. Their medium-term investment strategy provides investors with enhanced returns and capital redeployment flexibility.