CHICAGO, IL – HFF announced today that it has secured $65 million in financing for Grace Lake Corporate Center (top left photo), a 10-building, 882,949-square-foot, Class A office complex in Van Buren Township, Michigan.
Working on behalf of Sovereign Partners, LLC, HFF placed the floating-rate balance sheet loan with Ladder Capital Finance. Loan proceeds were used to finance the acquisition of the property from Visteon Corporation, a Fortune 500 components manufacturer for which Grace Lake Corporate Center serves as the international headquarters.
Completed by Hines in 2004 to the “highest institutional standards”, Grace Lake Corporate Center is fully leased to Visteon, General Electric and Dana Holding Corporation. Situated on 282 acres at 1 Village Center Drive in Van Buren Township, the property is close to Detroit Metro International Airport and Interstate 275.
The HFF team representing the borrower was led by managing director Matthew Schoenfeldt (middle right photo).
“The multi-national corporations that call Grace Lake Corporate Center ‘home’ enjoy amenities unmatched in the competitive property set including: a cafeteria boasting world-class cuisine, a state-of-the-art fitness facility, a multi-media center and the serene 35-acre Grace Lake,” said Schoenfeldt.
Sovereign Partners is a privately-held real estate investment firm that specializes in the acquisition of high-quality office assets throughout the United States.
Contacts:
MATTHEW R. SCHOENFELDT
HFF Managing Director
(312) 528-3650
KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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