REAL ESTATE

JLL closes sale and financing at Bella Terra

BY Michael Fickes

Houston — Jones Lang LaSalle has announced the closing of the sale of The Shops at Bella Terra, a 308,828-sq.-ft. power center in Houston’s Grand Parkway corridor. The JLL Capital Markets Group also secured acquisition financing with Wells Fargo and additional equity from Heitman on behalf of the buyer, Dunhill Partners

Currently 95% leased, tenants include Ross Dress for Less, Best Buy, PetSmart, 24-Hour Fitness, Sports Authority, Party City and Pier I. The center is shadow anchored by a Wal-Mart Supercenter and Kohl’s.

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News

Stein Mart ‘pleased’ with Q2 results

BY CSA STAFF

JACKSONVILLE, Fla. — Strong sales in linens, dresses and intimate apparel buoyed Stein Mart’s total sales for the second quarter ended August 3, which increased 3.8% to $290.9 million from $280.4 million for the same quarter last year.

The company posted a comparable-store sales increase of 6.4% for the quarter.

Ladies’ special sizes, men’s sportswear, jewelry and ladies’ casual sportswear were more challenged. Geographically, July sales were strongest in Florida, the Southeast and Virginia, while the West performed slightly lower than the chain.

"I am pleased with our sales performance in July which wrapped up a great second quarter where our comparable store sales increased 6.4%," said Jay Stein, CEO. "Our customers responded well to our merchandise assortment during the first half of the year and we are looking forward to introducing her to our great fall assortment."

The company operated 262 stores at the end of July this year compared to 263 stores last year. It offers a focused assortment of merchandise that includes current season, moderate to better fashion apparel for women and men as well as accessories, shoes and home fashions.

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REAL ESTATE

JLL closes on four multifamily properties for $120 million

BY Michael Fickes

New York Jones Lang LaSalle’s Capital Markets group has closed the sale of four prime multifamily properties in the Dallas area on behalf of four separate sellers. The combined sale price exceeded $120 million.

  • Silverado Apartments, a 332-unit, garden style community in Frisco was purchased by Adams LaSalle from Sherman Residential.
  • Park Gates at City Place, a 228-unit residential community in Dallas was purchased by BK Funds from The Connor Group.
  • Republic Park Vista, a 308-unit, Class A+ community in Ft. Worth was purchased by Momentum Real Estate Partners from Beucler Properties/Prudential Real Estate Investors and an investment fund advised by Prudential Real Estate Investors.
  • The Ablon at Frisco Bridges, a 252-unit Class A property was purchased by Colonial Property Trust from Pegasus Ablon.
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