Cowtown lands 160,000-SF Amarillo retail

AMARILLO – The 159,861-sf Wolflin Village, located at Wolflin Ave. and South Georgia St., changed hands to Morris-Floyd Capital Partners of Fort Worth. The seller was Dallas-based Dunhill Partners.

The value of the 1953 open-air shopping center is more than $9.7 million, according to Potter-Randall Appraisal District records. Additionally, the property is about 94 percent occupied.

“What’s interesting about Amarillo is that most of the retail (space) is full,” said Bill Morris, co-owner.

Morris-Floyd Capital plans “significant upgrades,” including exterior renovations, addition of public gathering space and the addition of new merchants.

One focus will be to bring additional restaurants to the property.

The Wolflin Village offering included a 30-year senior loan with an approximate principal balance of $14.8 million. The interest rate on the loan is 6.25 percent, according to a CBRE marketing brochure.

Wolflin Village, opened in 1953, was purchased by Dunhill from Houston-based Weingarten Realty Investors in 2009 for over $10 million, according to a Dunhill leasing agent at the time.