JLL Capital Markets completed the sale of The Shire at CityLine in Richardson, Texas
News release
14 July 2022
Mixed-use retail and office property near Dallas sells
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DALLAS, July 14, 2022 – JLL Capital Markets announced today it has closed the sale of The Shire at CityLine, an 83,256-square-foot, premium, suburban mixed-use retail and office property in the Dallas-Fort Worth community of Richardson, Texas.
JLL marketed the property on behalf of the seller, Standridge Companies. Venture Investment Partners acquired the asset.
The 85-percent-leased The Shire at CityLine features an eclectic tenant mix that includes Sweeney Eye Associates, Dogtopia, Silver fox, Shire Pediatrics, North Texas Dermatology, Anaya’s Seafood, Republic Title, Modern Dental, Ameriprise, Re/Max, Gillespie’s Tavern and more. The center, which was constructed between 2005 and 2006, has 414 dedicated parking spaces.
Situated on 6.22 acres at 2600, 3610 and 3650 Shire Blvd. and 2121 Infocom Dr., The Shire at CityLine is in Richardson, which has experienced a 14 percent increase in population since 2010 and is in Dallas-Fort Worth’s growth path. The property is near the high-traffic intersection of Central Expressway and President George Bush Turnpike and is adjacent to the $1.5 billion CityLine development, which is home to 11,200 employees and 2,221 multi-housing units. There are 109,992 households earning an average annual household income of $104,811 within a five-mile radius of the property.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director Adam Howells, Senior Managing Director and Co-Head of JLL Retail Capital Markets Barry Brown and Analysts Jack Copher and Beth Copeland.
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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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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Standridge Companies
Standridge Companies is a privately held company that specializes in acquisitions, development, property management, and disposition of commercial real estate. Founded by Stacy Standridge in 1992, the company is dedicated to delivering the best real estate investment results. Standridge Companies builds value through its in-depth market knowledge and experience to capitalize on each opportunity.
About Venture Investment Partners
Venture Investment Partners strategically acquires assets through rigorous underwriting and a hands-on approach led by Bo Brownlee and Easley Waggoner, Jr. They structure investments by a thorough analysis of market rents, tenant strength and capital markets. Venture Investment Partners’ research goes beyond historical data, it’s real time activity providing an enhanced forward-looking model.”