Friday, May 26, 2017

HFF closes $77.75 million sale of and secures $42.76 million financing for retail power center in Mobile, AL

McGowin Park Shopping Center, Mobile, AL

Richard Reid

ATLANTA, GA – Holliday Fenoglio Fowler, L.P. (HFF) announced 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. 

Jim Hamilton
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.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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