July 31, 2019 – JLL announces that it has closed the sale of Sunrise Lake, a 74,612-square-foot mixed-use property in the Houston-area community of Pearland, Texas.
JLL marketed the property on behalf of the seller, TIG Real Estate Services, and procured the buyer.
Sunrise Lake is located at 9307 and 9223 Broadway Street along the primary east-west thoroughfare in in Pearland, one of Houston’s fastest-growing southern suburbs. Pearland has grown to be one of Houston’s most sought-after residential areas outside the city’s urban core due a high quality of life with top-rated schools and convenient accessibility to a variety of employment, shopping and entertainment opportunities. From 2010 to 2017, Pearland ranked as the 10th fastest-growing city in the U.S., compared to other cities with a population of 50,000. Commercial properties in Pearland continue to be in high demand for investors; especially when coupled with today’s low interest rates and attractive debt options.
The property is primarily leased to medical office tenants and is positioned less than 30 minutes from the Texas Medical Center, the world’s largest medical complex, and just west of Highway 288. Completed in 2006 and recently renovated, Sunrise Lake offers 50,000 square feet of office/medical office space and 24,500 square feet of retail space, which, combined, is 86% leased.
The overall Houston economy has also experienced tremendous growth over the past few years. As reported by the Bureau of Labor Statistics, Houston added 73,300 jobs in the 12 months ending December 2018, driven by growth in professional and business services and construction. Additionally, according to the U.S. Census Bureau, 91,689 new residents migrated to Houston from July 2017 to July 2018 (third in the nation), and the Dallas Federal Reserve reports the Houston business cycle index grew by 3.8% in 2018, solid evidence of a steadily growing economy.
The JLL Capital Markets team representing the seller consisted of Senior Managing Director Dan Miller, Director John Indelli and Analyst Bryan Strode.
“TIG Real Estate Services did a great job stabilizing the asset,” Indelli said. “Investor sentiment for real estate in Pearland, one of the fastest-growing markets in Houston, continues to strengthen, and we feel there is still plenty of room to run.”