JLL Capital Markets announced today that it has closed the sale of a 3,354-square-foot, single-tenant retail building ground-leased to Chick-fil-A in the Houston suburb of Sugar Land, Texas.
JLL marketed the property on behalf of the seller, North American Development Group. Coral Cables-based Riverstone Capital Group purchased the asset.
Headquartered in College Park, Georgia, Chick-fil-A was founded in 1946 and has grown to include more than 2,400 stores in 47 states and Washington, D.C. It is the third-largest restaurant chain in the United States in terms of sales. The Sugar Land location was constructed in 1996 and renovated in 2017. Situated on 1.08 acres at 2330 Highway 6, the retail building is within the Market at Town Center, 2,265-acre, master-planned development and employment center in Sugar Land. The property is surrounded by 1,655 multi-housing units, three hospitals, three million square feet of office space and 4.2 million square feet of retail space.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt, Directors Michael Brewster and John Indelli and Analysts Tommy Isola and Aziza Rehmatulla.
“Chick-fil-A is special because of its excellent product, top-notch customer service and high-volume drive thrus,” Brewster said. “It’s no surprise that the company maintains such strong operations because its franchisee selection process is 30 times more selective than Harvard admissions.”
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, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About North American Development Group
North American Development Group (“NADG”) has been active in the development, acquisition, redevelopment and management of over 250 shopping centers, mixed-use and residential developments comprising well over 35 million square feet across Canada and the United States.
About Riverstone Capital Group
Riverstone Capital Group is a privately-owned real estate investment firm based in Coral Gables, Florida, focused on the acquisition and management of retail, industrial and office assets in the Southeast United States.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
