Sunday, June 25, 2017

HFF arranges $80 million acquisition financing for BLVD Place in Houston, TX

 BLVD Place,  1700 Post Oak Boulevard, Uptown District, Galleria area, Houston, TX
                                                                                                                    (Photo by Shau Lin Hon)

Matt Kafka
HOUSTON, TX  -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged financing for BLVD Place, a 216,692-square-foot, mixed-use retail and office project with 1.42 acres of additional developable land in the Uptown District/Galleria area of Houston, Texas. 

HFF worked on behalf of the borrower, Whitestone REIT, to secure the 10-year, fixed-rate loan.  HFF also represented the seller, a partnership of San Francisco-based Bailard, Inc. and Wulfe & Co, in the sale of BLVD Place. 

Anchored by Whole Foods, BLVD Place is the only grocery-anchored, major mixed-use development in Houston. The project is 99.2 percent occupied and home to a diverse mix of tenants, including Frost Bank, Post, The Boardroom, Verizon, Elaine Turner, Sozo Sushi and True Food.

 Included in the purchase of BLVD Place is approximately 1.4 acres of developable land that will give the borrower the ability to build an estimated 137,000 square feet of additional leasable space. 

Located at 1700 Post Oak Boulevard in the epicenter of Uptown Houston, BLVD Place is in one of the largest business districts in the United States and has immediate access to Loop 610, US-59 and Westpark Tollway. It is proximate to River Oaks, Tanglewood, West University Place, Memorial Village and Bellaire, some of Houston’s most prestigious and affluent neighborhoods.

Kelly Lane
 More than 173,193 residents earning an average annual household income of $120,037 live within a three-mile radius of the property. 

The HFF debt placement team representing the borrower was led by senior managing director Matt Kafka and director Kelly Layne.  Kafka was also involved in brokering the sale of the property along with senior managing directors Wally Reid, Rusty Tamlyn and Ryan West, managing director Davis Adams and director Trent Agnew.

“The transaction had a short time frame and several complicated moving parts but everyone involved performed flawlessly,” Kafka said.

“The iconic nature of this real estate had capital in a frenzy when the perception of the Houston market was at its lowest,” West added.  “This was clearly one of those rare opportunities to capitalize on owning one of the highest-profile corners in the fourth largest city in the country.  We commend Whitestone for their recognition of this opportunity.”

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

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

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