EDENS Buys Fort Worth Grocery-Anchored Asset
The property is part of one of the area’s most prominent retail corridors.
EDENS has acquired Village at Camp Bowie, a 179,376-square-foot retail center in Fort Worth, Texas. JLL Capital Markets brokered the deal on behalf of the seller, Dunhill Partners.
The previous owner had acquired the property in 2019, according to Yardi Matrix data. That same year, the shopping center became subject to a $28.5 million CMBS loan originated by Starwood Capital Group, with Citibank as trustee. The note carried a 4.64 percent fixed rate and a 2029 maturity date.
Village at Camp Bowie’s tenant roster includes Sprouts Farmers Market, which anchors the property, as well as several other national brands and local businesses, restaurants and gyms. Sprouts’ lease of 28,037 square feet was due to expire in 2025, according to SEC filings pertaining to the 2019 CMBS loan, suggesting that the retailer recently renewed its agreement.
READ ALSO: Finding the Exit Ramp in a Stalled Market
Tenant-driven capex drove renovation activities at the 1950s-constructed shopping center. Some of the recent companies that overhauled their space include childcare company KidStrong and Japan-inspired retailer Daiso, according to the Texas Department of Licensing and Regulation.
The property’s net operating income ticked up 10.2 percent year-over-year through June, according to Citibank statements to the noteholders of CF 2019-CF1 Mortgage Trust filed at the SEC.
Located at 6323-6333 Camp Bowie Blvd., the asset is part of one of the prominent retail corridors of Fort Worth. Some affluent neighborhoods, such as Westover Hills, Tanglewood and Riverwood, are nearby.
JLL Capital Markets Senior Managing Directors Adam Howells and Chris Gerard, together with Analysts Michael Jankovich and Elizabeth Anne Casillas, brokered the sale on behalf of Dunhill.
EDENS’ latest grocery-anchored retail deals
Since its inception in 1966, EDENS has built a portfolio of more than 100 open-air retail and mixed-use properties throughout high-growth markets across the U.S. The Fort Worth deal carries on one of the recent retail trends involving grocery-anchored assets.
However, the company’s recent transactions included several dispositions as well. Last week, EDENS sold a 271,992-square-foot, grocery-anchored asset in Marietta, Ga., for $93.2 million. Sterling Organization became the new owner.
And earlier this month, EDENS traded another similar property, this time in the Pacific Northwest. Intercontinental Real Estate Corp. paid $69.5 million for the 125,233-square-foot asset in Auburn, Wash.
You must be logged in to post a comment.