May 18, 2017 Comments Off on Cole Acquires Gulf Coast Retail Center for $78M Views: 1201 Alabama, National News, Southeast

Cole Acquires Gulf Coast Retail Center for $78M

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HFF closed the $77.75 million sale and secured $42.76 million in acquisition financing for McGowin Park, a roughly 375,000-square-foot shopping center in Mobile, AL. HFF marketed the Gulf Coast regional, open-air anchored property for the seller, Hutton Company.

Phoenix-based Cole Credit Property Trust IV, Inc. acquired the property, free and clear of existing debt. HFF also worked on behalf of the new owner to place a seven-year fixed-rate loan with a life company.

Completed between 2015 and 2016, McGowin Park is located at 3075 Government Blvd. in the West Mobile submarket, and leased to a mix of national and regional tenants.

HFF’s investment sales team representing the seller included Richard Reid and Jim Hamilton. HFF’s debt placement team representing the buyer included Kevin MacKenzie and Mark Sixour.

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