JLL closes sale of two regional malls in Texas
The enclosed malls are in San Antonio and Amarillo
SAN ANTONIO, February 24, 2020 – JLL Capital Markets announced today that it has closed the sale of two enclosed regional malls totaling more than 1.1 million square feet in San Antonio and Amarillo, Texas.
JLL marketed the property on behalf of the seller. Mason Asset Management, Namdar Realty Group and CH Capital Group purchased the properties.
The sale included the 663,978-square-foot South Park Mall in San Antonio and the 511,566-square-foot Westgate Mall in Amarillo. South Park Mall is the only enclosed regional mall in south San Antonio and welcomes more than 11 million shoppers annually. Originally developed in 1968, the single-story mall has been renovated throughout the years, most recently in 2018. It is 95% leased to an impressive 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, which is a highly visible and easily accessible location with traffic counts exceeding 137,000 vehicles per day.
Westgate Mall is the only enclosed mall within a nearly 100-mile radius, enabling the center to draw from an extended trade area that reaches into Colorado, Kansas, New Mexico and Oklahoma. The mall first opened its doors in 1982 and has been renovated in 2006, 2007 and 2017. Nearly 80% leased, the mall is home to anchor and major 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 and along the planned Ports-to-Plains trade corridor, a proposed divided highway corridor stretching from Laredo through West Texas to Denver, Colorado. Westgate Mall is at a prominent location along Interstate 40, the major highway in the region with an average daily traffic count of 84,000 vehicles.
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.
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 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.
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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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Mason Asset Management
Founded in 2010, Mason Asset Management is a Long Island-based real estate investment, leasing and brokerage company with expertise in the acquisition, disposition and leasing of commercial real estate properties throughout the United States. Since inception, Mason Asset Management has firmly established its position as the preeminent privately owned owner/operator of retail assets nationally and currently is responsible for the leasing of a national portfolio of more than 180 shopping centers and enclosed malls, totaling more than 45 million square feet.
About Namdar Realty Group
Namdar Realty Group is a privately held, commercial real estate investment firm, located in Long Island, New York, owning and managing over 47 million square feet of commercial real estate throughout the United States. Founded in 1999, Namdar has become one of the fastest-growing private real estate investment firms in the country, averaging over 20 acquisitions annually over the last four years, consisting primarily of large retail malls, shopping centers, office and medical buildings.