Florida Investor Acquires Power Center, Market briefs

HOUSTON– , JBL Asset Management purchased the Humblewood Shopping Center, a 163,897-SF power center anchored by Conn’s and Petco in the Houston-area community of Humble.
JLL marketed the property on behalf of the seller, Forge Capital Partners.

The buyer, JBL Asset Management, based in Hollywood, Fla. is led by Jacob Khotoveli. JBL owns and manages over 2.5 million SF of shopping centers across numerous states.

Humblewood Shopping Center is home to a diverse mix of national and regional tenants, including Conn’s, Petco, Michaels, DSW, Five Below, Texas State Optical, Sketchers, GameStop, Honey Baked Ham, Jason’s Deli, Smoothie King, IHOP, Humble Nails, Gadget MD and Ace Cash Express.

Located at 19611 US 59, Humblewood Shopping Center is at the southwest corner of FM 1960 Bypass Rd E and Interstate 69, which is northeast Houston’s dominant retail intersection and directly across the street from Deerbrook Mall, a 1.2-milion-square-foot regional mall. The center is close to major employment centers and 2.5 miles east of George Bush Intercontinental Airport, which employs more than 35,000 people. The center serves a population of 43,280 residents within a three-mile radius earning an average annual household income of nearly $84,000.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Gerard and Ryan West and Associate Erin Lazarus.

Earlier this year, Wu Properties, a firm led by Steve Wu, purchased a 231,000-SF retail center at 12972 Willowchase Drive in Northwest Houston, near Texas 249 and FM 1960.