JBL Asset Management has expanded its footprint in the Greater Houston retail market with the acquisition of Montgomery Plaza, a power center in Conroe, Texas. The property totals 315,708 square feet and is positioned at the intersection of Interstate 45 and Loop 336, a location that provides regional visibility and access within the north Houston corridor. The Houston Business Journal reports that American National Insurance sold the asset to JBL Asset Management.
Montgomery Plaza was originally constructed in 1981 and underwent a renovation in 1993, reflecting an earlier round of reinvestment in the center. At the time of the transaction, the property was reported to be 94.3% occupied, indicating a largely stabilized tenancy profile. The center is anchored by a group of national and regional retailers that help drive consistent shopping traffic to the site.
The tenant mix at the power center includes Academy Sports + Outdoors, O’Reilly’s Auto, Crunch Fitness, Spec’s Liquor, Petco and Dollar Tree. This collection of users spans categories such as sporting goods, automotive, fitness, liquor, pet supplies and discount retail, positioning the center as a multi-category shopping destination for the surrounding trade area. The breadth of tenant types suggests a focus on daily-needs and value-oriented retailing.
In addition to the primary in-line and anchor space, Montgomery Plaza also includes five pad sites configured for both multi-tenant and single-tenant use. These pad sites provide the new ownership with potential opportunities to introduce additional retailers or service users to the property, subject to market demand and leasing execution. The presence of these pads adds an element of future value-creation and leasing optionality to the investment.
JLL Capital Markets’ Investment Sales and Advisory team represented the seller in the transaction. The team was led by Ryan West and John Indelli, who were responsible for marketing the asset and advising American National Insurance through the sale process. Their involvement underscores the institutional profile of the transaction and the role of national brokerage platforms in marketing large-format retail centers.
This acquisition marks JBL Asset Management’s sixth retail center in the Greater Houston area, reflecting the firm’s ongoing focus on scale within this regional market. By adding another power center to its portfolio, JBL increases its exposure to Houston-area retail fundamentals and further consolidates its presence among large-format shopping centers in and around the metro.
