Northmarq brokers $31.85M sale of 5-property retail portfolio spanning TX, MS and OH

Photo: Gulfport, MS | Source: Northmarq. 

CHICAGO — Northmarq’s Chicago Investment Sales team led by Bryn Feller and Josh Dicker successfully brokered the $31.85 million sale of At Home Portfolio Tranche I, a 535,872-square-foot retail portfolio comprising five single-tenant, triple-net lease properties across Texas, Mississippi and Ohio.

The portfolio is leased to At Home — a leading national home décor retail chain. It offered a rare opportunity to acquire a geographically diversified net lease offering backed by long-term occupancy and contractual rent growth.

Northmarq represented the seller in the transaction. They buyer is PlaceMKR, a private Austin-based investment firm.

The properties include:
•    1600 W. Kelly Ave., Pharr, Texas | 107,394 SF
•    642 S. Walnut Ave., New Braunfels, Texas | 90,268 SF
•    2650 W. Interstate 20, Grand Prairie, Texas | 109,794 SF
•    15065 Creosote Rd., Gulfport, Mississippi | 115, 345 SF
•    2244 S. Reynolds Rd., Toledo, Ohio | 113,071 SF

“Having completed more than $7.5 billion of investment sales transactions, this was the first time we navigated a bankruptcy process during an engagement,” Feller said. “It still resulted in a successful closing. That’s a testament to the quality of the assets and the resilience of the counterparties as they worked through the unique challenges presented by the credit event.”

With over 200 locations across 39 states nationwide, At Home is a leading home décor retailer. Headquartered in Dallas, the company operates large-format stores offering products across furniture, décor, houseware, lighting, rugs and seasonal categories.

The Pharr, Texas, property is situated in the Rio Grande Valley near one of the nation’s busiest international trade corridors. Its position within a growing market provides access to a large population base and a diverse local economy.

The New Braunfels, Texas, property benefits from its location along the I-35 corridor between San Antonio and Austin. As one of the fastest-growing communities in Texas, the market continues to attract residents, retailers and employers.

The Grand Prairie, Texas, property is situated in the heart of the Dallas-Fort Worth, one of the nation's largest and fastest-growing metros. Its central location provides convenient access to a broad consumer base and a strong employment center.

The Gulfport, Mississippi, property is positioned along Mississippi's Gulf Coast, supported by tourism, maritime commerce and military activity. The location benefits from strong connectivity through Interstate 10 and access to one of the Gulf Coast's most established economic corridors.

The Toledo, Ohio, property serves a mature Midwest market with access to major transportation routes throughout the Great Lakes region. Supported by a diverse economy and large regional workforce, the location provides long-term retail demand fundamentals.