Saturday, March 19, 2016

HFF closes $39.25 million sale and arranges $22.3 million in financing for Napa Square in downtown Napa, CA

Napa Square, Downtown Napa, CA          Photo by Todd Quam at Digital Sky Aerial Imaging                                                                                       
Jordan Angel
 SAN FRANCISCO, CA – March 16, 2016 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale and arranged acquisition financing for Napa Square, a 65,848-square-foot, trophy mixed-use asset in downtown Napa, California.

HFF marketed the property on behalf of the seller, CDI Companies, a private investor.  JOSS Realty Partners purchased the asset for $39.25 million. 

Additionally, HFF worked on behalf of JOSS to secure a $22.3 million acquisition loan with J.P. Morgan Asset Management for the benefit of one or more managed accounts.  The financing has a 10-year, fixed-rate term and will be serviced by HFF.   

Originally built in 1957 and redeveloped in 2009, Napa Square is a LEED Gold certified, stucco and cast stone property featuring 41,010 square feet of Class A office space, 24,848 square feet of ground floor retail, open courtyards and subterranean parking for 44 vehicles.

 The 92-percent-leased property boasts tenants including Wells Fargo, Charles Schwab, US Bank and UPS and is anchored by two restaurants: Oenotri, a southern Italian restaurant, and The Norman Rose Tavern, a neighborhood pub. 

Scott Pertel
Situated in the newly revitalized “West End” neighborhood of downtown Napa across from The Andaz Hotel, Napa Square is within walking distance of Napa Center, a mixed-use project slated for completion within the year and Oxbow Public Market, a public market housing more than 20 local artisan retailers and eateries.  

The property is also convenient to Highway 29, the main thoroughfare of Napa Valley.

The HFF investment sales team representing the seller was led by Nicholas Bicardo, Scott Pertel, Danny Reddin and Brandon Rogoff. 

HFF’s debt placement team representing the new owner was led by Jordan Angel.

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

Kristen M. Murphy
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

No comments: