Franklin Street Brokers $14.8 Million Sale of Uptown McComb Shopping Center to Coastal Equities

Franklin Street has brokered the $14.8 million sale of Uptown McComb Shopping Center, a 342,000-square-foot regional shopping center in McComb, Mississippi, the firm announced Sept. 2. Coastal Equities purchased the property from Rockstep Capital, with Franklin Street representing the seller in the transaction.

Deal Overview and Property Profile

Located at 1722 Veterans Blvd in McComb, Miss., Uptown McComb Shopping Center sits at the intersection of Interstate 55 and Veterans Boulevard, a position that supports regional draw from a broad consumer base. The enclosed, one-story mall was originally built in 1987 — when it operated as Edgewood Mall — and underwent renovation in 2023–2024 following Rockstep Capital's acquisition and rebranding of the asset in 2017.

The property spans approximately 342,000 square feet and features roughly 45 stores and eight anchor tenants, supported by about 1,900 parking spaces. At the time of sale, the center was 96% occupied and anchored by a mix of national and regional retailers including Hobby Lobby, Marshalls, Aldi, Bealls, Planet Fitness, Five Below, Ross Dress for Less, Belk, Shoe Encore, and Ashley Furniture. A Walmart Supercenter adjacent to the property further reinforces the center's traffic profile.

The transaction priced at approximately $43 per square foot. Marketing materials indicated a net operating income of $1.66 million, implying a cap rate in the low double digits — a yield level consistent with regional mall assets in secondary markets.

Repositioning Drives Value-Add Exit for Rockstep Capital

The sale represents the monetization of a multi-year value-add business plan. Rockstep Capital acquired the then-aging mall in 2017, rebranded it Uptown McComb, and executed a repositioning strategy centered on replacing legacy tenancy with value-oriented national retailers. The 2023–2024 renovation further upgraded the physical asset ahead of the sale.

"The sale of this regional center continues investors' push into smaller markets for centers with best-in-class tenancy," said Bryan Belk, executive managing partner at Franklin Street. "The seller turned this aging mall into a dominant regional center with new to market national tenancy, that has become the hub for retail for the trade area."

The property is described as the only regional shopping center within a 60-mile radius, a market position that underpins its role as the primary retail destination for the surrounding trade area.

Coastal Equities Targets Secondary and Tertiary Markets

Coastal Equities acquired Uptown McComb as part of a stated expansion strategy focused on best-in-market centers in secondary and tertiary cities. The new owner intends to retain the existing national box anchors while introducing additional retailers to drive traffic throughout the corridor and maintain traditional mall tenancy within the interior.

"With direct access to I-55, the property is well positioned to draw customers from a broad region," said John Tennant, executive managing partner at Franklin Street. "The property's expansive lot provides investors with additional opportunities for future expansion, redevelopment, and value creation."

Bryan Belk and John Tennant of Franklin Street represented Rockstep Capital in the transaction.

Market Context: Investor Appetite for Stabilized Secondary-Market Retail

The Uptown McComb transaction reflects a broader pattern of investor interest in stabilized, multi-anchor retail centers in smaller U.S. markets, where cap rates remain elevated relative to primary metros. The asset's near-full occupancy, necessity- and value-oriented tenant mix, and dominant market position within its trade area align with the characteristics investors have sought in secondary-market retail acquisitions.

Franklin Street is a privately held, full-service commercial real estate services firm headquartered in Tampa, Florida, providing capital markets, insurance, leasing, and management services to owners, occupiers, and developers nationwide.

Sources

Franklin Street — Franklin Street Brokers $14.8 Million Sale of Uptown McComb Shopping Center