HFF closes $77.75 million sale of and secures $42.76 million financing for retail power center in Mobile, Alabama
ATLANTA, GA – May 16, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $77.75 million sale of and secured $42.76 million in acquisition financing for McGowin Park, an approximately 375,000-square-foot, best-in-class, regional, open-air anchored shopping center in Mobile, Alabama.
HFF marketed the property for the seller, Hutton Company. Cole Credit Property Trust IV, Inc. acquired the property free and clear of existing debt. Additionally, working on behalf of the new owner, HFF placed the seven-year fixed-rate loan with a life company.
Completed between 2015 and 2016, McGowin Park is leased to a variety of national and regional tenants, including anchors Dick’s Sporting Goods, Field & Stream, HomeGoods, Ross Dress for Less, Hobby Lobby, Best Buy, Old Navy, Petco, Ashley Furniture HomeStore and Dollar Tree. The center, which is shadow anchored by Costco and Regal Cinemas, has additional development potential through three outparcel pads and two restaurant pads. Situated at 3075 Government Boulevard, McGowin Park is located at the intersection of Interstate 65 and Government Boulevard (Highway 90) in the West Mobile submarket.
The HFF investment sales team representing the seller was led by senior managing directors Richard Reid and Jim Hamilton.
The HFF debt placement team representing the buyer was led by senior managing directors Kevin MacKenzie and Mark Sixour.
“McGowin Park is one of the top open-air retail assets in the Gulf Coast and has positioned itself for long-term success based on a dominant tenant lineup and regional location with access to Interstates 65 and 10,” Reid said.
About Hutton Company
Hutton’s collaborative disciplines are an inspiration for creating environments that facilitate success for its clients. Hutton has real estate, development, construction, JV, disposition, and acquisition disciplines, owns and manages 3,352,861 square feet of retail and will add 1,000,000 square feet annually. For more information, about Hutton, visit hutton.build.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.