Tuesday, September 5, 2017

HFF closes sale of and secures $10.65 million financing for Kroger-anchored retail center near Columbia, South Carolina

Irmo Station Retail Center, Irmo, SC

Ted Hill

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured $10.65 million in acquisition financing for Irmo Station, a 99,384-square-foot, Kroger-anchored, dominant neighborhood retail center in the Columbia-area community of Irmo, South Carolina.

HFF marketed the property for the seller, Retail Properties of America, Inc. (RPAI).  New Market Properties, LLC, a wholly-owned indirect subsidiary of Preferred Apartment Communities, Inc. (NYSE: APTS), purchased the asset free and clear of existing debt. 

Additionally, working on behalf of the new owner, HFF placed the 13-year, fixed-rate, 3.94-percent, non-recourse loan with Nationwide Life Insurance Company.

Located at 7467 St. Andrews Road in Irmo, Irmo Station is situated northwest of Columbia in an infill location on the “going home” side of the road in the main retail node of the Columbia MSA, which is the largest city in South Carolina. 

The center is located one mile off Interstate 26, the main highway connecting Greenville to Charleston through Columbia.  More than 42,000 residents earning an average annual household income of $82,000 live within three miles of the center.

Mike Allison
In addition to Kroger, the 92-percent-leased Irmo Station is home to Pet Supplies Plus, Super Cuts, Firehouse Subs, Kroger Fuel, Pizza Hut, Kobe Express, Palm Beach Tan and more.

The HFF investment sales team representing the seller was led by director Thomas Kolarczyk, senior managing director Richard Reid, senior associate Ted Hill and associate Mike Allison.

The HFF debt placement team representing the borrowers was led by senior managing director Ed Coco and associate Matt Casey.

“Irmo Station represented a rare opportunity to acquire a high-performing, Kroger-anchored shopping center with limited grocer competition and value-add potential,” Kolarczyk said. “Well-located grocery-anchored real estate with strong fundamentals continues to garner significant investor interest and a yield premium.”

 For more information on this news release, please contact:

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | hfflp.com

HFF arranges $171 million financing for 13-property multi-state retail portfolio

Kevin Mackenzie
 NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced that, on behalf of Westwood Financial, it has arranged $171 million in first lien financing for a portfolio comprising 13 multi-tenant retail centers totaling 1,050,350 million square feet in Arizona, California, Florida, Georgia, Illinois, North Carolina and Texas markets.

HFF worked on behalf of the borrower, Westwood Financial, to place two separate portfolio loans, a $94 million fixed rate-rate portfolio loan with Nationwide Life Insurance Company used for re-financing and new acquisitions and a $77 million fixed-rate portfolio loan with a correspondent life insurance company to re-finance existing debt.

 In September 2016, Westwood Financial completed a $1.2 billion consolidation and reorganization, and these portfolio loans help further the strategic initiatives of the roll up to achieve the best debt executions and generate capital for growth.

The $94 million loan portfolio comprises seven multi-tenant retail shopping centers, including five- grocery-anchored centers and two shadow grocery-anchored centers. 

Jamie Kline
The properties are:  the 77,043 square-foot Camelback Village anchored by AJ’s Fine Foods in Phoenix, Arizona; the 116,707-square-foot Elk Crossing anchored by Jewel-Osco in Elk Grove (Chicago), Illinois; the 97,229-square-foot Atascocita Center anchored by Kroger in Humble (Houston), Texas;

Also, the 101,791-square-foot Market at Lake Houston anchored by H-E-B in Atascocita (Houston), Texas; the 87,632-square-foot Lynwood Collection anchored by Kroger in Raleigh, North Carolina; the 55,323-square-foot, Trader Joe’s-anchored Arbors at Mallard Creek in Charlotte, North Carolina; and the 47,518-square-foot Village at Preston Hollow shadow anchored by Central Market in Dallas, Texas.

The $77 million loan portfolio comprises six assets, including four grocery-anchored centers: the 89,506-square-foot Mercado del Rancho anchored by Sprouts Farmers Market in Scottsdale, Arizona; the 85,516-square-foot Shops at San Marco anchored by Sprouts in Del Ray Beach, Florida; the 92,120-square-foot Evans Crossing anchored by Kroger in Evans (Augusta), Georgia; and the 101,610-square-foot Haynes Bridge Village anchored by Publix in Alpharetta (Atlanta), Georgia.  

Jeremy Womack
Additionally, two California centers have Ralph’s grocery shadow anchors, the 68,055-square-foot Mercado del Lago in Rancho Santa Margarita (Orange County) and the 30,300-square-foot Magnolia Vineland in North Hollywood.

The HFF debt placement team representing the borrower consisted of senior managing director Kevin MacKenzie and director Jamie Kline on a national basis along with senior managing director Jeremy Womack (Phoenix); managing director Gregg Shapiro (Atlanta); senior directors Jason Bond (Chicago), Jim Curtin (Dallas) and Nat Scarmazzi (Miami); and directors Cory Fowler (Charlotte) and Matthew Putterman (Houston).

“Closing two more highly flexible portfolio loans with major life insurance companies is another significant milestone for Westwood Financial,” said Kevin MacKenzie, senior managing director and co-head of the West Coast Region.  

“They continue to build an excellent relationship with these lenders, amongst others, progressing in their goal of strategic growth, building out their portfolio with high-quality assets and getting the most optimal capital structure in place.”

For more information on this news release, please contact:

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | hfflp.com

Bull Realty Arranges $5.3 Million Land Sale in Atlanta, GA

Andy Lundsberg
ATLANTA, GA (Sept. 5, 2017) —Bull Realty arranged the sale of a 1-acre tract of land in Atlanta, GA. The sale closed on August 18 for $5,300,000.

Bull Realty’s Andy Lundsberg and Gene Kansas of Gene Kansas Developments, LLC worked together to represent the seller, Steve Nygren of PP, LLC. Nygren is the master developer of Serenbe.

The property, 489-495 Peachtree Street & 496 Courtland Street, located in between Midtown and Downtown across from Emory University Hospital, is a buy and hold for a future redevelopment.

The buyer was SoNo on Peachtree, LLC. The name “SoNo,” short for South of North Avenue, refers to the area where the property is located, and is part of an initiative by Central Atlanta Progress.

The impetus for the sale was the closing of the Peachtree Pine homeless shelter located next door at the corner of Peachtree and Pine, said Lundsberg. With the closing of the shelter, Curbed said Atlanta developers are salivating over parcels in the nearby vicinity.

The site is considered a prime redevelopment opportunity with 6 parcels and 3 buildings totaling 49,000 SF, which are currently 60% occupied. Ocean Catering Company has occupied space since 2011, according to CoStar. Other tenants include The City Café and Bar, Peachtree Barber Shop. In addition, parking on the Courtland Street side is used for the nearby Shakespeare Tavern Playhouse.

For more information contact Bull Realty at 404-876-1640 or Info@BullRealty.com
Melissa Henry
Communications Manager
Bull Realty, Inc. 
404-876-1640 x 110