JLL Capital Markets facilitates financing for Duncan Park Capital's acquisition of South Bend Center, a high-demand retail/flex center on heavily traveled Ben White Boulevard in south Austin
News release
24 July 2024
Retail/flex center financing completed in Austin, TX
AUSTIN, July 25, 2024 – JLL Capital Markets announced today that it has completed financing for the acquisition of South Bend Center, a three-building retail/flex center totaling 43,811 square feet located at 321 W Ben White Boulevard in Austin, Texas.
JLL represented the borrower, Duncan Park Capital to secure the acquisition loan through a regional bank.
South Bend Center benefits from excellent frontage on heavily traveled Ben White Boulevard, the best east-west corridor in Austin, with quick access to major highways and a daily traffic count of approximately 149,000 vehicles. Its prime location provides convenient access to key destinations such as Austin-Bergstrom International Airport, Downtown Austin, East Austin and West Lake Hills.
Austin's retail market is characterized by high demand and limited available space, driven by a growing population and rising incomes. Despite new retail space being delivered, the availability rate remains near all-time lows. South Bend Center benefits from its proximity to the revitalizing St. Elmo District and the St. David’s South Austin Medical Center, along with the potential for future development around the South Congress Transit Center and the forthcoming Bergstrom Spur Urban Trail.
The three-building, flex/retail center contains retail, flex warehouse, F&B and medical office offerings. The complex was built in 1984, situated on 3.8 acres and is 97% leased to tenants.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director CW Sheehan and Analyst Peyton Ackerman.
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
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Duncan Park Capital
Duncan Park Capital is an Austin-based commercial real estate investment firm with a primary focus on growth markets in Central Texas. With over 35 years of combined experience, the company’s founders seek to acquire strategic, value-add investments projected to deliver compelling risk-adjusted returns.