HFF closes largest retail REO property in Southern California for $94.5M

IRVINE, CA -The Orange County and Los Angeles offices of HFF (Holliday Fenoglio Fowler, L.P.) announced that the sale of The Shoppes at Chino Hills (above centered photo) , a 388,000-square-foot, trophy lifestyle center located in Chino Hills, California, closed on May 28th.

The HFF investment sales team was led by senior managing director Ryan Gallagher (middle left photo) and directors Kelly Rohfeld (middle right photo) , Bryan Ley and John Crump, who marketed the property on behalf of the sellers, a bank consortium group led by Bank of America.

A private Southern California-based investment group purchased the property on a free and clear basis for $94.5 million.

The Shoppes at Chino Hills was originally developed by Opus West in 2008.

A bank consortium group took the property over when Opus West went bankrupt in 2009. Located at 13800-13920 Village Center Drive in Chino Hills,

The Shoppes at Chino Hills is part of a larger master-planned project that includes the Chino Hills Civic Center, (middle left photo)  Chino Hills City Hall, Chino Hills Police Station and the public library.

The 87% leased property was designed by Altoon + Porter architects and is anchored by XXI Forever, H&M, Trader Joes, Banana Republic, Victoria's Secret and Barnes & Noble.

“The Shoppes at Chino Hills is a trophy asset that was highly sought after.

"As the economy recovers, the center should be well-positioned to capitalize on the affluent surrounding demographics and continue to serve as a ‘best in class’ lifestyle center in the region,” said Gallagher.

Contacts:

Ryan Gallagher, Ca. Lic. # 01269918, HFF Senior Managing Director, (949) 253-8800, rgallagher@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges $26.5M construction loan for downtown Oakland, CA multi-housing project

LOS ANGELES, CA – The Los Angeles and San Francisco offices of HFF (Holliday Fenoglio Fowler, L.P.)  have arranged a $26.5 million construction loan for City Walk, a 264-unit, transit-oriented multi-housing project in Oakland, California.

The HFF deal team of Paul Brindley (middle right photo) , Kevin Redford (middle left photo) , Todd Sugimoto (lower right photo underneath Paul Brindley photo) , Mark Sixour (lower left photo underneath Kevin Redford photo)  and Wally Reid worked exclusively on behalf of the borrower, Wood Partners, to secure construction-permanent financing through a life insurance company.

The deal was structured with a recourse burn-off at stabilization and no prepay penalty providing maximum flexibility for the borrower.

Wood Partners acquired the project 60% complete and will use the loan proceeds to finish the construction and facilitate the lease-up of the Class A property.

Due for completion in 2011, City Walk will feature a mix of studio, one-, two- and three-bedroom units.

 The property is located in the heart of City Center in downtown Oakland and is two blocks from the 12th Street Bay Area Rapid Transit Station, providing easy access to downtown San Francisco as well as other parts of the Bay Area via public transportation.

 City Walk sits across the street from the Federal Buildings and is close to the Central Business District.

“The City Walk project is anticipated to achieve very compelling returns as Wood Partners acquired it at such an attractive basis,” said Redford.

Wood Partners is a national multifamily real estate company that acquires, develops, constructs and manages high density and mixed-use communities.

Contacts:
Paul  Brindley, HFF Senior Managing Director, (310) 407-2100, pbrindley@hfflp.com
Kevin Redford, HFF Director, (415) 276-6300, kredford@hfflp.com
Kristen Murphy,  HFF Associate Director, Marketing,  (713) 852-3500, krmurphy@hfflp.com

HFF arranges $18M  financing for manufactured housing community in San Diego, CA

SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged $18 million in financing for The Highlands, a 306-home-site manufactured housing community in Santee (San Diego), California.

HFF senior managing director Tim Wright (lower left photo) and associate directors Zach Koucos and Zack Holderman (lower right photo)  worked exclusively on behalf of the borrower, The Highlands Mobile Home Community Association, to secure the 10-year, fixed-rate loan through Northwestern Mutual Life Insurance Company.

 The loan proceeds enabled the borrower to purchase the fee simple interest in the property and recapitalize existing debt. The Highlands Mobile Home Community Association is a California non-profit mutual benefit corporation comprised of the community’s residents.

The Highlands is located at 7467 Mission Gorge Road in close proximity to State Route 52 in the City of Santee just east of San Diego. The property has 306 home sites and is an age-restricted (55+) community. Amenities at The Highlands include a clubhouse, two pools, and a shuffleboard pavilion.

“We were pleased to have a number of lenders compete for the financing of The Highlands in a challenging capital marketplace,” said Koucos.

Contacts:

Timothy D. Wright, HFF Senior Managing Director, (858) 812-2341, twright@hfflp.com
Zachary E. Koucos, HFF Associate Director, (858) 812-2341, zkoucos@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com