(For more retail coverage, click GlobeSt.com/RETAIL.)

FORT WORTH-A New York City investment group has bought a Woodmont Co.-owned shopping center for close to $6 million in a value-add play for 86,597 sf of 72%-leased retail space.

Woodmont Plaza at 6401 McCart Ave. cleared the closing table with a $4.72-million loan, representing 73% of the purchase price, from Silvergate Bank, says Ross Lyle, the lender’s vice president and head of its one-year-old office in Richardson. MAS Management Inc. of New York City, which owns other retail assets in the region, picked up its first deed in Fort Worth with the deal.

The La Jolla, CA-based Silvergate Bank provided a three-year loan at a fixed rate, working under a deadline to close by Aug. 31, Lyle tells GlobeSt.com. From contract to close, the Woodmont Plaza acquisition went full circle in 45 days, he says. James Adams, a mortgage broker with the Horsham, PA-based GMAC Mortgage Group Inc. represented the buyer, who also got loan terms with prepayment flexibility and a future advances for leasing costs.

Lyle says the upside will come from backfilling a space emptied earlier this year by the Woonsocket, RI-headquartered CVS/Pharmacy, which built a corporate-owned store on the hard corner. “It’s well located in a good retail corridor,” he explains, adding the buyer is known for its value-add plays. “The main value-add is that CVS moved out,” he says.

The locally based Woodmont Co. built the shopping center in 1980. Its roster of mostly local tenants is anchored by nationals, PetCo and Hollywood Video. “There is just normal rollover risk” with both anchors locked down for awhile, according to Lyle.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.