Dual-anchored regional shopping center sells in West Texas
JLL Capital Markets closed the sale and arranged acquisition financing of retail asset anchored by Target and H-E-B in Odessa
DALLAS, July 7, 2021 – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for Winwood Town Center, a fully leased 365,559-square-foot regional shopping center anchored by Target and H-E-B in the west Texas community of Odessa, Texas.
JLL orchestrated this off-market opportunity on behalf of the seller, Brixmor Property Group. Fidelis Realty Partners LLC acquired the asset. Additionally, working on behalf of the new owner, JLL arranged the 10-year acquisition loan with Frost Bank.
Completed between 1987 and 2002, Winwood Town Center is home to a mix of national tenants, including a rare Target lease, H-E-B, Ross Dress for Less, dd’s Discounts, Office Depot and Michaels. Additionally, the asset includes ground leases to Chick-fil-A, Taco Bell, BBVA and Jack in the Box.
Winwood Town Center is situated on 40.43 acres at 3801-3915 East 42nd St. at the epicenter of one of Odessa’s busiest intersections, 42nd Street and Grandview Avenue, exposing the center to more than 65,000 vehicles per day. Odessa is in Texas’ Permian Basin and part of the Midland-Odessa MSA, one of the fastest-growing regions in the United States over the past five years with more than 33 percent population growth. The center draws from an expanded trade area that includes more than 158,000 residents.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Gerard, Ryan Shore and Barry Brown.
The JLL Capital Markets Debt Placement team included Senior Managing Directors Colby Mueck and Ryan West and Senior Director Clint Coe.
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 delivers the best-in-class solutions for clients — whether investment sales 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.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Brixmor Property Group
Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 389 retail centers comprise approximately 68 million square feet of prime retail space in established trade areas. The company strives to own and operate shopping centers that reflect Brixmor's vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a proud real estate partner to approximately 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.
About Fidelis Realty Partners
Fidelis Realty Partners was formed in 2003 to own, develop and manage mid- to large-scale Class A shopping centers, typically anchored by leading grocers and national retailers. The scale of these anchor merchants provides smaller retailers with maximum market exposure, frequent and repetitive foot traffic, and the kind of drawing power that only well-known, brand-name retailers can create. Fidelis also owns and manages a variety of local neighborhood centers that are convenient and crucial to the communities they serve. The company recognizes the importance of a diverse merchant mix, as well as the quantity and quality of shoppers needed for business success in any given area. Fidelis strives to create the kind of synergy that all centers need to be successful.