Texas company buys Jasper shopping center

Photo courtesy Phillips Edison & Company

By CANDY NEAL
cneal@dcherald.com

JASPER — The Jasper Manor Shopping Center has a new owner.

Woodcrest Capital of Forth Worth, Texas, has purchased the shopping center that sits on the city’s southeast side, a spokeswoman for Woodcrest Capital confirmed Wednesday.

The company is currently working to bring national retailers to fill the available space in the shopping center, she said. But she did not have details about which companies are being approached or if any deals have been made.

There are several available spaces to choose from. The center has 194,000 square feet of leasing space. Of that, about 130,000 square feet was open and available, separated into seven spaces.

Jasper Manor has been a fixture in Jasper since it was constructed in 1990. The land was annexed into the city in early 1989 and zoned commercial. Kmart moved in on the north side of the center. The site also attracted Goody’s and Holiday Foods/Dippels’ grocery store.

Subsequently, other stores moved in, such as JC Penney, the Doodlebug craft store, and Dollar General.

But with the increase of online shopping and slowdowns in the economy, several stores have left the shopping Center. Goody’s left in the 2000s, moving to the North Ridge Shopping Center on the north side of the city; it has since closed, in 2009.

In May 2012, Dollar General moved to a bigger store in the 3rd Avenue Commons, a new 5-acre development just north of Jasper Manor. The Doodlebug moved to 3rd Avenue Commons later that year, next to the new Dollar General store.

JC Penney, a big draw for Jasper Manor, shuttered its doors in the summer of 2017. And the center’s anchor, Kmart, closed last year.

Holiday Foods still operates in the center. Other current Jasper Manor tenants are AT&T, Traderbakers Vendor Mall, L.A. Nails & Spa and B&B Fitness.

Previous owner Phillips Edison & Company of Cincinnati announced in March that it put the 26-acre property up for auction, and did so via an online auction in April. The Woodcrest spokeswoman did not confirm how much the company paid for the property.

Woodcrest Capital is a real estate, finance, oil and gas, and investment firm that acquires and develops real estate, makes distressed asset investments, and makes equity investments, according to its website. It has 37 retail centers, not including Jasper Manor, 10 office sites and 16 land sites that can be developed. Most of its properties are in Texas. But Woodcrest also owns properties in Alabama, Arizona, Georgia, Illinois, Michigan, Missouri, North Carolina, Ohio and Oklahoma.

 




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