SAN ANTONIO – Two enclosed regional malls in Texas—one in San Antonio and one in Amarillo—have changed ownership.
A partnership made up of Mason Asset Management, Namdar Realty Group and CH Capital Group purchased the two properties, which together total approximately 1.1 million square feet. JLL represented the undisclosed seller in the transaction.
South Park Mall in San Antonio measures 663,978 square feet and was originally developed in 1968. The mall is currently about 95% leased and features anchor tenants JCPenney, Dick’s Sporting Goods and Beall’s, along with a Macy’s that is not owned by the mall. Other prominent retailers at the center include Old Navy, Ulta Beauty and The Vitamin Shoppe. Located on 48.5 acres at 2310 SW Military Drive, the mall sits near the intersection of Interstate 35 and SW Military Drive.
Westgate Mall in Amarillo opened in 1982 and has undergone renovations in 2006, 2007 and 2017. Currently nearing 80% occupancy, Westgate hosts Dillard’s, Beall’s, Premiere Cinema, Shoe Dept. Encore and Forever 21, with JCPenney serving as a shadow anchor. The property also benefits from several non-owned outparcel tenants such as Target, Best Buy and Dairy Queen. Westgate occupies 93.7 acres at 7701 West Interstate Highway 40 in Amarillo, located in the Texas Panhandle.
The JLL Retail Capital Markets team that handled the sale was led by Managing Director Dave Monahan, Senior Vice President Cameron Pittman and Senior Associate Akhil Patel, alongside Managing Director Claudia Steeb and Senior Managing Director and Co-Head of JLL’s Retail Practice Barry Brown.
Among the buyers, Namdar Realty Group is based on Long Island, New York, and manages a portfolio that totals roughly 47 million square feet of commercial real estate.
Feb. 26, 2020 Realty News Report Copyright 2020
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