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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.

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