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1000 Lake Plaza Drive

Silvestri Investments Acquires 38,000 Square Foot Retail Property In Spring Texas With JLL's Representation
SOLDRetail

Silvestri Investments Acquires 38,000 Square Foot Retail Property In Spring Texas With JLL's Representation

1000 Lake Plaza Drive

Building Size

38,000 SF

Asset Type

Retail

Closing

Oct 1, 2024

AI

JLL Capital Markets arranged the sale of a retail property located at 1000 Lake Plaza Drive, Spring, Texas. This asset comprises 38,000 square feet on a 2.29-acre site, specifically housing a 24 Hour Fitness facility. The location is part of the City Place mixed-use development, which is in proximity to Exxon’s Global Headquarters, offering notable growth potential due to its strategic position and the area's rapidly expanding population.

Summary of transaction details:

The transaction involved key brokerage representatives from JLL, showcasing their role in facilitating the deal. Alex Geanakos, Gianna New, John Indelli, Nick Franklin, Ryan West, and Torri Rosene represented the buyer, Silvestri Investments, bringing expertise to this notable transaction in the retail sector.

Players

Alex Geanakos

JLL

Broker

$148.3M

vol

13 deals

Broker

Huffman Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93