Wednesday, November 14, 2012

HFF arranges $32.08 million financing for Stoneleigh at Bear Creek in Euless, TX

Stoneleigh at Bear Creek, Euless, TX
 DALLAS, TX – HFF announced it has arranged $32.08 million in financing for Stoneleigh at Bear Creek, a 436-unit, Class A multi-housing community in Euless, Texas.

                HFF worked exclusively on behalf of Pure Multi-Family REIT LP, to secure the seven-year, fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation). 

  Loan proceeds were used to acquire the property.  HFF will also service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.

John Brownlee
Stoneleigh at Bear Creek is located at 1401 Highway 360 adjacent to the Dallas Fort Worth International Airport in Euless.

 Completed in 2004, the property is 97 percent leased and features an amenity package that includes a clubhouse, two resort-style swimming pools, business center, billiards room, fitness center, covered heated spa, poolside gazebo, picnic area, barbecue grills, open air cabana, extensive concierge services, covered parking and a laundry facility. 

                The HFF team representing Pure Multi-Family REIT LP was led by senior managing director John Brownlee.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

Faris Lee Investments Completes $32 Million Sale of 137,000-SF Shopping Center in Lahaina, Maui in Off-Market Deal

Lahaina Gateway Shopping Center, Lahaina, Maui
IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $32 million sale of Lahaina Gateway, an upscale, 137,000-square-foot, grocery-anchored shopping center in Lahaina, Maui.

Rick Chichester, president and COO, and Matt Mousavi, managing director, with Faris Lee Investments represented the  buyer, Thompson National Properties (TNP) in the off-market deal.

The seller, Central Pacific Bank, represented itself and was able to quickly dispose of this REO asset with a high level of certainty based on the off-market transaction structure put in place by Faris Lee.

Rick Chichester
Adding more significance to the transaction, the closing cap rate was 5.62 percent, representing a record for a leasehold sale of this size in the state of Hawaii.

“Faris Lee was able to structure this record-breaking transaction by moving quickly on positioning the property as a rare value-add ownership opportunity in the highly desirable west Maui market,” said Chichester. “Our approach was to create a positioning strategy inclusive of marketing, merchandising and leasing potential for the buyer that would provide them with a short and long-term vision for the asset.”

Matt Mousavi
Chichester continued, “The acquisition of Lahaina Gateway by Thompson National Properties is consistent with the company’s strategy of acquiring both stabilized and value-added assets. TNP is an ideal buyer for the property as they possess the ability and agility to underwrite and execute quickly and with precision. As such, they were able to add a trophy retail center in one of the most desirable markets in Hawaii to their growing portfolio.”

Built in 2008 and featuring a modern theme while integrating the feel of old Hawaii towns, the  11-acre property is situated at the intersection of Honoapiilani Highway and Keawe Street and serves both a growing tourism-based consumer base as well as the local residents. The center is west Maui’s newest shopping destination and is ideally located in between Old Lahaina town and the Ka'anapali and Kapalua Resorts.

Kapalua Resorts, Maui
“TNP will be able to enhance Lahaina Gateway’s role as one of the primary shopping destinations for both tourists and residents of west Maui,” said Mousavi. “The existing tenant mix provides a strong base for them to utilize when attracting new retailers to the property. We believe they will be successful in continuing the positive leasing trend already being realized at the center.”

Lahaina Gateway features a diverse mix of tenants, including the largest Barnes & Noble bookstore in the state of Hawaii, west Maui’s only upscale gourmet grocery, Foodland Farms, and west Maui's only office supply store, Office Max. Other tenants include Outback Steakhouse, Central Pacific Bank, State Farm Insurance, 100 Wines, Genki Sushi, Teddy's Bigger Burgers, and The Melting Pot.


Darcie Giacchetto,
Spaulding Thompson & Associates
For Faris Lee Investments