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| McGowin Park Shopping Center, Mobile, AL |
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| 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.
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| 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 | www.hfflp.com
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