JLL announced today that it has closed the sale of The Mix @ Midtown, a 73,000-square-foot, fully leased Class A retail property that is housed on an entire city block in Houston’s Midtown neighborhood.
JLL marketed the property on behalf of the seller, Crosspoint Properties, who developed the property in 2008. The fifth Corner, in a joint venture with Pointer Real Estate Partners, purchased the asset.
The Mix @ Midtown anchors Houston’s Midtown neighborhood, a highly walkable neighborhood and Houston’s primary 24/7 district near downtown and the Texas Medical Center. The property pioneered the first mixed-use asset in the area. It is fully leased to a best-in-class roster of experiential retailers, including 24 Hour Fitness, Jinya Raman Bar, Artisans Restaurant, Gen Korean BBQ, Piola, Kung Fu Tea, and Cloud 10 Creamery. Situated on 1.43 acres at 3201 Louisiana Street, The Mix @ Midtown spans an entire city block in Houston’s Midtown neighborhood and includes a 296-space parking garage, a unique feature in MIdtown. The property is located at the hard corner of Louisiana and Elgin, which is Midtown’s busiest intersection with approximately 45,000 vehicles passing through daily.
Midtown is sandwiched between the two largest employment centers in Houston, including downtown (300,000 daytime population) and The Texas Medical Center (107,000 daytime population). The demographics in Midtown and around The Mix are staggering, with 188,000 residents with an average annual household income of $127,000 and a daytime population exceeding 400,000 workers within a three-mile radius. The area benefits from access to the METRORail Red Line, which, as one of the nation’s most traveled metro lines based on boardings per track mile, connects downtown Houston to the Texas Medical Center and passes right through Midtown just two blocks from The Mix. Additionally, Midtown is highly walkable, evidenced by a Walk Score of 86, and is flush with parks, art galleries, restaurants, and nightlife. Several major developments are underway in Midtown highlighted by Morgan Group’s Whole Foods-anchored residential building (one block away) and Rice University’s Ion innovation district. Phase I of the Ion will be a $100 million renovation of a 270,000-square-foot Sears, which will serve as a gathering place for startups, large corporations seeking new technologies, venture capitalists, business accelerator and academics.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Rusty Tamlyn, Directors John Indelli and Michael Johnson and Analyst Bryan Strode.
“Packed with high-rise apartments, big incomes, walkability, public transportation, daytime population and greenspace, all the ingredients are in-place for Midtown, which has evolved into one of Houston’s top retail, office, and living destinations,” Indelli said.
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 deliver the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
