News release

Acquisition financing secured for an 11-property retail portfolio located across the Central U.S.

JLL Capital Markets arranged the financing for 1,500,000 square feet of repurposed and upgraded former Sears retail assets located across eight states

April 04, 2023

Jenna Sharp

Capital Markets PR
+1 214 438 6450

HOUSTON, April 4, 2023 – JLL Capital Markets announced today that it has secured acquisition financing for an 11-property, 1,500,000-square-foot retail portfolio, consisting of repurposed and upgraded former Sears retail assets spread across eight states in the central U.S.

JLL represented an affiliate of Fidelis Realty Partners as the borrower, to secure a loan through Symetra Life Insurance Company.

The portfolio is 90-percent-occupied, and notable tenants include Nordstrom Rack, Ulta Beauty, Total Wine, Dick’s Sporting Goods, Five Below, HomeGoods, The Dump, At Home, Ross, Dollar Tree, Best Buy and many more. Across the portfolio, there is 6.2 years of weighted average lease term with 7 tenants that have over 10 years of WALT.

The portfolio benefits from diverse geographical locations and includes assets in some of the fastest growing MSA’s in the U.S. The properties include:

·       Poplar Commons in Memphis, Tennessee (4570 Poplar Ave.)

·       West Towne Mall in Madison, Wisconsin (53 W. Towne Mall)

·       Belden Village in Canton, Ohio (4100 Belden Village Mall)

·       Sherwood Plaza in Springfield, Illinois (2500 Wabash Ave.)

·       Central Park Shopping Center in San Antonio, Texas (201 Central Park Mall)

·       Southridge Mall in Greendale, Wisconsin (5200 S 76th St.)

·       Glenbrook Square in Ft. Wayne, Indiana (4201 Coldwater Rd.)

·       Lombard Shopping Center in Lombard, Illinois (2860 S Highland Ave.)

·       El Paso Shopping Center in El Paso, Texas (9484 Dyer St.)

·       Kearney Shopping Center in Kearney, Nebraska (4700 Second Ave.)

·       Phoenix Shopping Center in Phoenix, Arizona (12025 N 32nd St.)

The assets are strategically located off of major highways and thoroughfares that support heavy vehicle traffic and provide superior access to the centers.

The JLL Capital Markets Debt Advisory team that represented the seller included Senior Managing Director Colby Mueck, Directors Michael King and Christopher Knight and Analyst Jack Britton.

According to JLL’s recent Q4 2022 outlook, retail tenants absorbed nearly 76 million square feet of space last year, demonstrating tenant demand for retail spaces. This absorption is the highest level since 2017 and double the level of 2019.

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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

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 $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Fidelis Realty Partners

Headquartered in Houston, Texas, Fidelis was founded in 2003 and is now one of Texas’ largest commercial real estate companies, with a long focus on retail and a newer focus on office, healthcare, multifamily, and industrial. This dynamic combination produces mutual benefits for tenants, residents, customers, patients, and communities alike. The Fidelis team is comprised of approximately 100 teammates in eight operating offices. Consisting of approximately 24 million square feet in five industries, Fidelis serves 95 properties across 14 states, with the largest concentrations in the metropolitan Houston and DFW markets. For more information, please visit