MCB Real Estate JV Secures Acquisition of Texas Retail Property

MCB Real Estate, Epic Real Estate Partners, and Centerbridge Partners, L.P. Secure Acquisition of Texas Retail Property

Inaugural Joint Venture Acquires San Antonio’s Popular Northwoods Shopping Center

San Antonio, TX- MCB Real Estate, a commercial real estate investment management and development firm with nationwide holdings, in partnership with Austin-based Epic Real Estate Partners, and Centerbridge Partners, L.P., has announced the acquisition of Northwoods Shopping Center, a 439,569-square-foot grocery-anchored lifestyle center in San Antonio, Texas. Currently 91% leased, this marks the first acquisition for the joint venture between MCB Real Estate, Epic Real Estate Partners, and Centerbridge Partners, L.P. The transaction represents the largest shopping center sale in San Antonio since 2021, with the acquisition loan financed by Truist Bank.

The acquisition of Northwoods Shopping Center, originally developed by Barshop & Oles Company in 1996, reflects the joint venture’s shared focus on value-add retail opportunities in markets with strong growth fundamentals. Located in an affluent submarket on the north side of San Antonio, the center benefits from a strong average household income of nearly $130,000 within a five-mile radius and a daytime population of 113,900 within three miles. The property’s strategic location at the intersection of Loop 1604 and Highway 281, is one of the busiest in San Antonio with a daily traffic count of more than 228,000.

“This acquisition highlights our ability to identify and unlock value in high-traffic, high-growth markets,” said P. David Bramble, MCB’s co-founder and managing partner. “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 a flagship HEB, a grocer with a 51% market share in the San Antonio MSA. HEB has operated at this location since the center’s inception and extended its lease for 15 years in 2018, providing a powerful and stable anchor that drives consistent consumer traffic. Other major tenants include Nordstrom Rack, Marshalls, Homesense, Barnes & Noble, Old Navy, and Ulta.

Epic brings a unique level of insight to the venture, combining deep local expertise from current team members who have actively supported and overseen Northwoods Shopping Center’s operations for the past five years with a strong track record of retail holdings throughout the Southeast and a concentrated presence in Texas. “Northwoods Shopping Center is the most trafficked shopping center in San Antonio—exactly the kind of high-performing, community-rooted asset we seek out,” said Nick Tortorice, Chief Investment Officer at Epic Real Estate Partners. “Its exceptional tenant mix and strategic location make it a standout addition to our portfolio.”

“Our acquisition of Northwoods Shopping Center reflects our belief in grocery-anchored, necessity-based shopping centers” said Matt Dabrowski, Senior Managing Director at Centerbridge. “The favorable supply and demand fundamentals, driven by the lack of new development, position the sector for strong performance in the coming years.”

According to the white paper Shopping Centers: An Essential Opportunity in Uncertain Times (SRR Consulting for MCB Real Estate, September 2025), open-air shopping centers have not only rebounded to pre-pandemic visitor levels but exceeded them by 2.7% in Q2 2025. This resurgence, driven by essential retailers and proximity to residential areas, underscores a sustained consumer preference for accessible, budget-conscious retail experiences. As investor sentiment evolves, retail properties, particularly strip centers, are gaining momentum due to favorable pricing, solid fundamentals, and limited new development, positioning them as resilient assets in today’s shifting economic landscape.

“This transaction highlights Truist’s long-standing relationships with leading Mid-Atlantic sponsors and our ability to deliver capital in key growth markets like Texas,” said Rebecca Cox, Senior Vice President & Market Manager at Truist National Real Estate. “Led by Spencer Perry, our team delivered a tailored financing solution that reflects Truist’s strength, creativity, and client-first approach.”

The purchase of Northwoods is the latest in a string of successful retail acquisitions by MCB in the past 18 months, which include the $100 million redevelopment of the former Century 21 department store parcel in Bay Ridge, Brooklyn, the $65 million purchase of Falcon Ridge Shopping Center in Fontana, California, and the 51,000-square-foot Takoma Park Shopping Center outside of Washington, D.C.