Monday, April 24, 2017

HFF closes sale of and secures $38.2 million financing for suburban retail center near Houston

First Colony Commons, Sugar Land, TX

Rusty Tamlyn

HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured $38.2 million in acquisition financing for First Colony Commons, a 410,121-square-foot retail center with multiple big box tenants in the Houston suburb of Sugar Land, Texas.

HFF represented the seller, Covington Realty Partners.  TriGate Capital (TriGate) purchased the property for an undisclosed price.  Additionally, working on behalf of the new owner, HFF placed the five-year, floating-rate, non-recourse loan with a five-year extension option with NexBank SSB.

First Colony Commons is 99 percent leased to a variety of big box and national retailers, including The Home Depot, Babies"R”Us, Office Depot, Michaels, Conn’s and Tuesday Morning.  

Situated on 37.85 acres at 15201-15555 Southwest Freeway, the center is at the highly visible intersection of Highway 59/Interstate 69 and Williams Trace Boulevard, which is accessible to approximately 239,321 vehicles per day.  

The property is just north of the intersection of Highways 59 and 6, the two main transportation corridors that link Houston to Sugar Land.  Sugar Land is an affluent community 20 miles from downtown Houston and in the heart of Fort Bend County, the sixth fastest-growing county in the country.  More than 85,000 residents earning an average annual household income of more than $134,000 live within a three-mile radius of First Colony Commons.

HFF’s investment sales team was led by senior managing directors Rusty Tamlyn and Ryan West.

HFF’s debt placement team was led by director Jim Curtin.

“This power center had a lot of moving parts, which presented challenges for buyers and lenders,” Tamlyn said.  “TriGate was able to navigate through the issues and will have potential value add opportunities down the road.”

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

Kristen Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | cell 617.543.4873 |

No comments: