Saturday, December 20, 2014

HFF closes sale and financing of 3.1 million-square-foot office portfolio in southeastern United States


Hermen Rodriguez
MIAMI, FL – HFF announced it has closed the sale of and secured acquisition financing for a Class A office portfolio located in Florida, Georgia, Texas, North Carolina, Kentucky and Virginia.

                HFF marketed the 22 property, 3.1 million-square-foot portfolio on behalf of the owners, who were advised by Interventure Advisors LP. 

  An affiliate of Parkway Properties, Inc. purchased the portfolio in its entirety for $475 million and, immediately thereafter, sold 19 of the assets to a joint venture between affiliates of Banyan Street Capital and Oaktree Capital Management, L.P. for $237 million. 

  Parkway Properties retained ownership of three of the assets located in Tampa, Florida. 

In addition, HFF secured acquisition financing on behalf of Banyan and Oaktree.  A $210.7 million, floating-rate loan was placed with Blackstone Mortgage Trust (NYSE: BXMT) to fund the acquisition as well as certain capital expenditures and leasing costs.
               
H. Dan Miller
  The original portfolio offering consisted of 22 properties with 3.1 million square feet of office located in Tampa, Florida (six properties); Orlando, Florida (three properties); Atlanta, Georgia (six properties); Houston, Texas (three properties); Morrisville, North Carolina (two properties); Louisville, Kentucky; and Richmond, Virginia. 

The HFF investment sales team representing the sellers included senior managing director Hermen Rodriguez, senior managing director H. Dan Miller, managing director Ralph Smalley, director Martin Hogan, director Ike Ojala and associate director Jorge Portela. 

Financing was arranged by the HFF debt placement team led by senior managing directors Wally Reid and Paul Stasaitis.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com


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