JLL Capital Markets has secured acquisition financing for an 11-property, 1.5-million-square-foot retail portfolio of repurposed and upgraded former Sears retail assets spread across eight states in the central United States.
JLL represented an affiliate of Fidelis Realty Partners as the borrower to secure a loan through Symetra Life Insurance Company.
The portfolio is 90% occupied with tenants including Nordstrom Rack, Ulta Beauty, Total Wine, Dick’s Sporting Goods, Five Below, HomeGoods, The Dump, At Home, Ross, Dollar Tree, Best Buy and many more. Across the portfolio, there is 6.2 years of weighted average lease term with seven tenants that have more than 10 years of WALT.
The portfolio benefits from diverse geographical locations and includes assets in some of the fastest growing MSA’s in the U.S. The properties include:
- Poplar Commons in Memphis, Tennessee (4570 Poplar Ave.)
- West Towne Mall in Madison, Wisconsin (53 W. Towne Mall)
- Belden Village in Canton, Ohio (4100 Belden Village Mall)
- Sherwood Plaza in Springfield, Illinois (2500 Wabash Ave.)
- Central Park Shopping Center in San Antonio, Texas (201 Central Park Mall)
- Southridge Mall in Greendale, Wisconsin (5200 S 76th St.)
- Glenbrook Square in Ft. Wayne, Indiana (4201 Coldwater Rd.)
- Lombard Shopping Center in Lombard, Illinois (2860 S Highland Ave.)
- El Paso Shopping Center in El Paso, Texas (9484 Dyer St.)
- Kearney Shopping Center in Kearney, Nebraska (4700 Second Ave.)
- Phoenix Shopping Center in Phoenix, Arizona (12025 N 32nd St.)
The assets are strategically located off of major highways and thoroughfares that support heavy vehicle traffic and provide superior access to the centers. The JLL Capital Markets Debt Advisory team that represented the seller included Senior Managing Director Colby Mueck, Directors Michael King and Christopher Knight and Analyst Jack Britton.
