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MCB Real Estate, a commercial real estate investment management and development firm based in Baltimore, announced it partnered with Epic Real Estate Partners and Centerbridge Partners, L.P. to acquire Northwoods Shopping Center.
Located in San Antonio, Texas, the 439,569-square-foot grocery-anchored shopping center’s acquisition marks the first joint venture between MCB, Epic Real Estate Partners (Austin, Texas) and Centerbridge Partners (New York). The transaction, reached at an undisclosed amount, was made possible through a loan financed by Truist Bank.
Originally developed by Barshop & Oles Company in 1996, the Northwooods Shopping Center is strategically located at the intersection of Loop 1604 and Highway 281 – one of the busiest in San Antonio, according to a release.
“This acquisition highlights our ability to identify and unlock value in high-traffic, high-growth markets,” MCB co-founder and managing partner David Bramblesaid.
“Northwoods Shopping Center stood out for its market-dominant grocer, category-leading junior anchors, and dynamic mix of retail, restaurant, and service tenants. By leveraging the complementary strengths of MCB, Epic Real Estate Partners, and Centerbridge Partners, we are uniquely positioned to drive strong, long-term performance for this asset.”
The property is anchored by grocer HEB, which is joined by several major retailers, including Nordstrom Rack, Marshalls, Homesense, Barnes & Noble, Old Navy and Ulta.
The Northwoods acquisition follows a series of MCB retail acquisitions over the past year and a half, which include the $100 million redevelopment of the former Century 21 department store parcel in Brooklyn, N.Y.; the $65 million purchase of Falcon Ridge Shopping Center in Fontana, California; and the 51,000-square-foot Takoma Park Shopping Center in Montgomery County.
“Our acquisition of Northwoods Shopping Center reflects our belief in grocery-anchored, necessity-based shopping centers,” Centerbridge executive Matt Dabrowski said.