JLL Arranges Acquisition Financing for Brownlee Waggoner Holdings at Fully Leased Cornerstone Plaza in Southlake

JLL has arranged acquisition financing for Cornerstone Plaza, a fully leased, medical-anchored retail center in Southlake, Texas, on behalf of borrower Brownlee Waggoner Holdings, the firm announced July 22, 2026.

Hillcrest Finance, a division of NBKC Bank, provided the acquisition loan. The deal was arranged by JLL's Debt Advisory team, led by Senior Managing Director John Rose, Director Kristi Leonard, and Associate Chad Lisbeth.

Asset Profile: Medical Anchor, Long Lease Term, Full Occupancy

Cornerstone Plaza sits at 2707–2727 East Southlake Blvd. and comprises 51,664 square feet of net rentable area across two buildings on 5.9 acres, with 273 parking spaces. Originally built in 2002, the property is 100% leased to eight tenants and carries a 9.7-year weighted average lease term.

Cook Children's Medical Center, a nonprofit pediatric health system with more than 60 primary, specialty, and urgent care locations across Texas, serves as the credit-backed anchor tenant under a net lease. Additional tenants include Activate Games, Cristina's Mexican Restaurant, Smoothie King, and several service-oriented businesses.

The property's combination of a credit medical anchor, long lease duration, and full occupancy reflects the underwriting profile that lenders and buyers have prioritized in the current environment, where necessity-based and healthcare-adjacent retail has drawn consistent capital amid limited new supply and high renewal rates across Sun Belt markets.

Location and Market Context

Cornerstone Plaza is positioned less than half a mile from Highway 114, which carries 150,000 vehicles per day, along a dominant retail corridor in Southlake. The center sits near Southlake Town Square, which draws eight million visits annually, and is approximately four miles from Dallas Fort Worth International Airport.

Southlake's surrounding communities and high-traffic retail environment have made the corridor a target for both institutional and regional private capital. Medical-anchored retail has attracted lender interest in suburban Texas markets, where healthcare systems have expanded outpatient, urgent care, and pediatric clinic footprints into retail-format locations that offer strong visibility and parking.

Borrower: Brownlee Waggoner Holdings

Brownlee Waggoner Holdings is a Texas-based real estate investment platform focused primarily on retail acquisitions throughout Texas. The firm is led by Bo Brownlee, Easley Waggoner Jr., and John Brownlee.

The platform's Texas-only retail focus positions it among regional private-capital buyers that have remained active in acquiring well-leased neighborhood and community centers across the state, particularly assets with medical, food, and service tenants that offer durable in-place income.

Lender and Capital Markets Context

Hillcrest Bank's participation reflects the continued role of regional and community lenders in financing stabilized Texas retail, particularly when deals feature strong sponsorship, long lease terms, and credit tenants. Relationship-driven bank financing has remained a key capital source for Texas retail acquisitions underwritten on in-place income.

For JLL Capital Markets, the Cornerstone Plaza assignment adds to a pattern of debt advisory activity across the Dallas–Fort Worth metro and broader Texas market. Recent JLL Texas transactions have included a $108 million financing for a 13-property self-storage portfolio in the DFW Metroplex on behalf of Hines and Trez Capital, a refinance of The Jones, a 224-unit apartment community in Arlington, and construction financing for Lirica East Austin, a Class A multi-housing development in central east Austin.

JLL Capital Markets operates with more than 3,000 specialists in offices across nearly 50 countries, offering services including investment sales and advisory, debt advisory, equity and fund placement, net lease, loan sales, M&A and corporate finance, derivative advisory, and energy and infrastructure advisory.

Sources

JLL Newsroom: Southlake Medical-Anchored Retail Center Secures Financing