JLL closes sale of two regional malls in Texas Totaling One Million SF

Sale includes the 663,978-square-foot South Park Mall, San Antonio, TX

SAN ANTONIO, TX, Feb. 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.

Sales also includes the 511,566-square-foot Westgate Mall, Amarillo, TX

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. 

Claudia Steeb 

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.

Dave Monahan

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. 

Cameron Pittman 

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.

Akhil Patel

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.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

 Barry Brown

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.

Contact:

 Kimberly Steele

JLL Senior Associate

Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

jll.com

RKW RESIDENTIAL Names Four New Partners

Holly Casper 

  

Charlotte, NC and Miami, FL (Feb. 24, 2020) — Premier multifamily property manager RKW RESIDENTIAL, one of the industry’s fastest-growing companies since launching five years ago, has named four new partners. 

The four individuals are integral to RKW’s growth and continued success.

 Holly Casper is RKW’s Senior Vice President, overseeing all property operations, execution of corporate strategy and business development.

Marcie Williams

Casper joined the company during its infancy as Vice President of Operations and worked closely with RKW President Marcie Williams to create much-needed infrastructure to position the young company for aggressive growth. Casper is also President of the Greater Charlotte Apartment Association (GCAA).

Joya Pavesi is RKW’s Senior Vice President of Marketing & Strategy. A dynamic and passionate marketer, Pavesi taps into her deep knowledge of marketing and brand strategy, customer experience and loyalty, interactive marketing, social media and reputation management on a daily basis for RKW’s benefit.

Her innovative marketing strategies have directly correlated with the company’s expansion since she arrived at RKW in 2016.

Joya Pavesi 

 John Zalkin is Senior Vice President of Client Services, building key relationships and ensuring client satisfaction at the executive level.

Zalkin joined RKW in 2016 and has successfully leveraged his two decades of South Florida real estate experience working closely with major multifamily developers and operators.

His significant real estate industry involvement includes serving as a committee member of the National Multi Housing Council (NMHC) and Urban Land Institute (ULI).

John Zalkin

 Frank Simone is General Counsel of RKW and sister company KW Property Management & Consulting (KWPMC), a leading condominium and homeowners association management company.

An experienced transactional and litigation attorney based in Miami, Simone previously served as outside counsel for RKW and KWPMC before moving in-house a year ago.

 “This is an exciting moment for me personally and for the entire RKW family,” Williams said. “Our company would not be where it is today if it wasn’t for Holly, Joya, John and Frank. And all four will be instrumental in RKW’s next chapter.”

Frank Simone 

 RKW reached new heights in 2019, adding more than 3,500 units throughout the Carolinas and Florida and earning several regional and national accolades.

For the second consecutive year, the Charlotte Business Journal recognized RKW in its annual list of the largest property management companies in the area. In the 2019 list, RKW moved up five spots to No. 7.

The company appeared on the Multi-Housing News 2019 “Top Property Managers” list for the first time in its five-year history. RKW also received two of the publication’s Excellence Awards, which recognize the multifamily industry’s top projects, companies, transactions and individuals.

 CONTACT:

Jamie Avalon

Public Relations Assistant

BoardroomPR

javalon@boardroompr.com

O 954-370-8999 

www.rkwresidential.com.

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Suite 320 | Fort Lauderdale, FL 33322

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