PEARLAND, Texas – TIG Real Estate Services has sold Sunrise Lake, a mixed-use center in Pearland, a rapidly growing suburb south of Houston.
The JLL Capital Markets team representing the seller included Senior Managing Director Dan Miller, Director John Indelli, and Analyst Bryan Strode.
“Investor confidence in Pearland, one of the fastest-growing markets in the Houston region, continues to strengthen, and we believe there is significant upside remaining,” Indelli said.
Primarily leased to medical-office tenants, Sunrise Lake sits less than 30 minutes from the Texas Medical Center—the world’s largest medical complex—and just west of State Highway 288. Built in 2006 and recently renovated, the property offers approximately 50,000 square feet of office/medical space and 24,500 square feet of retail, with a combined occupancy of about 86 percent.
The center is located at 9307 and 9223 Broadway Street along Pearland’s primary east-west corridor. Pearland has emerged as one of Houston’s most desirable suburban residential markets, attracting buyers and renters seeking proximity to the city while enjoying suburban amenities.
From 2010 to 2017, Pearland ranked among the nation’s fastest-growing cities—10th overall for cities with populations over 50,000—driven by strong household formation and regional job growth. Demand for commercial properties in Pearland remains high among investors, particularly given today’s favorable interest-rate environment and attractive financing options.
The broader Houston economy has also shown solid momentum in recent years. According to the Bureau of Labor Statistics, Houston added 73,300 jobs in the 12 months ending December 2018, with gains led by professional and business services and construction. The U.S. Census Bureau reported 91,689 new residents moved to the Houston area between July 2017 and July 2018, ranking third nationally for net migration, while the Dallas Federal Reserve’s Houston business cycle index rose 3.8 percent in 2018—further evidence of steady economic expansion.
JLL Capital Markets comprises more than 3,700 capital markets specialists worldwide, with offices in nearly 50 countries.
Aug. 2, 2019 Realty News Report Copyright 2019
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