Northeast Houston retail center sells to South Florida investor

HOUSTON, July 18, 2022 – JLL Capital Markets announced today it has closed the sale of Humblewood Shopping Center, a 163,897-square-foot power center anchored by Conn’s and Petco in the Houston-area community of Humble, Texas.

JLL marketed the property on behalf of the seller, Forge Capital Partners. South Florida-based JBL Asset Management acquired the asset.

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.

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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Forge Capital Partners is a diversified, commercial real estate investment and investment management company. Forge has built a strong track record as an acquirer and operator of commercial real estate, specializing in socially responsible projects throughout the Southeast. Since 2000, Forge and its principals have successfully sponsored and managed four real estate-oriented, closed-end private equity funds, and executed over a billion dollars in retail and multifamily real estate transactions.

JBL Asset Management is a privately held fully integrated service commercial real estate company primarily specializing in retail shopping center acquisitions, management and development. Founded in 2005 by Jacob Khotoveli, JBL invests private capital on behalf of itself and its investment partners. JBL is based in South Florida and currently owns assets across the United States with a primary footprint focused in Florida, Texas and Georgia.   

JBL's existing commercial portfolio totals over 3 million square feet and the company is actively pursuing opportunities to add to its portfolio with deal sizes ranging from $15-80 million. JBL has transacted with numerous institutional partners and takes pride in having a strong reputation for transaction execution.