Texas Regional Malls Sold, Market briefs

The South Park regional mall opened in 1968.

SAN ANTONIO, –Two enclosed regional malls, located in San Antonio and Amarillo, have been sold.

A partnership of Mason Asset Management, Namdar Realty Group and CH Capital Group purchased the two regional malls, which total 1.1 million SF. JLL represented the seller, which was not identified.

The 663,978-SF South Park Mall was developed in San Antonio in 1968. It is 95% leased to a tenant lineup that includes anchors JCPenney, Dick’s Sporting Goods and Beall’s, in addition to a non-owned Macy’s. Other notable tenants are Old Navy, Ulta Beauty and The Vitamin Shoppe. Situated on 48.5 acres at 2310 SW Military Drive, the mall is at the intersection of Interstate 35 and SW Military Drive.

The Westgate Mall in Amarillo first opened its doors in 1982 and has been renovated in 2006, 2007 and 2017. Nearly 80% leased, the mall is home to tenants Dillard’s, Beall’s, Premiere Cinema, Shoe Dept. Encore and Forever 21 along with a JCPenney shadow anchor. The mall is further enhanced by several non-owned outparcel tenants, including Target, Best Buy and Dairy Queen. Situated on 93.7 acres at 7701 West Interstate Highway 40, the mall is in Amarillo, which is in the Texas Panhandle.

The JLL Retail Capital Markets team was led by Managing Director Dave Monahan, Senior Vice President Cameron Pittman and Senior Associate Akhil Patel, as well as Managing Director Claudia Steeb and Senior Managing Director and Co-Head of JLL’s Retail Practice Barry Brown.

In The acquiring group includes Namdar Realty Group, a Long Island, NY, based group, which owns and manages 47 million SF of commercial real estate.