HFF closes $95.1M sale of four-property office portfolio in South Florida

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.)  has closed the sale of a four-property office portfolio fully leased to the United States General Services Administration in South Florida.

HFF managing director Hermen Rodriguez (top right photo)  and director Ike Ojala (top left photo)  led the investment sales team on behalf of the seller, South Florida Federal Partners.

NGP Fund V LLC purchased the portfolio for $95.1 million free and clear of debt. NGP Fund V LLC has created a fund to acquire and hold office buildings fully occupied by the GSA. These four buildings are among the first acquired by the newly created fund.

The portfolio totals 196,915 square feet and is fully occupied by the United States Citizenship and Immigration Services (USCIS) under 15-year firm term leases. Individual property details are listed below:

Property Building Size (SF)

Miami-Dade County Properties

8801 NW 7th Ave., Miami, FL 60,157 SF

SW 120th Street & 147th Ave., Miami, FL 45,911 SF

Miami Gardens Drive & NW 59th Ave., Miami, FL 41,064 SF

Broward County Property
NW 44th Street & 31st Ave., Oakland Park, FL 28,667 SF

“Rarely do portfolios of this size and quality come to market in South Florida,” said Rodriguez.

 “This was an outstanding opportunity to acquire a portfolio with unrivaled investment-grade tenancy, long-term steady and reliable cash flow, state-of-the-art construction and strategic locations throughout the South Florida tri-county area.”

Contacts:
Hermen Rodriguez, HFF Managing Director, (305) 448-1333, hrodriguez@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com


HFF arranges $35M  financing for 1100 Campus Road in Princeton, NJ

FLORHAM PARK, NJ – The New Jersey and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.)  recently arranged $35 million in financing for 1100 Campus Road, a 166,991-square-foot, Class A office property in Princeton, New Jersey.

HFF senior managing director Jon Mikula (middle left photo) and director Brian Carlton (middle right photo)  worked exclusively on behalf of the borrower, Dividend Capital Total Realty Trust, to secure the five-year, fixed-rate loan through a leading life insurance company.

 HFF arranged the sale of the asset to Dividend Capital Total Realty Trust, a Denver-based REIT, in November 2009 on an all-cash basis for approximately $51 million.

Completed in 2006, 1100 Campus Road is fully leased to Novo Nordisk, Inc. through May 2023. The five-story property has direct access to and visibility from Route 1 and is situated less than four miles from downtown Princeton in central New Jersey.

“We are pleased to have helped Dividend Capital secure financing on their property in New Jersey,” said Mikula.

Contacts:

Jon Mikula, HFF Senior Managing Director, (973) 549-2000, jmikula@hfflp.com
Brian Carlton, HFF Director HFF, (214) 265-0880, bcarlton@hfflp.com
Kristen Murphy, Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF secures $10.7M refinancing through Freddie Mac for Tempe, Arizona multi-housing community

SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.)  has secured $10.7 million in financing through Freddie Mac (Federal Home Loan Mortgage Corporation) for Monarch at Tempe, (middle left photo)  a 270-unit garden style multi-housing community in Tempe, Arizona.

HFF director Aldon Cole (lower right  photo)  and associate director Rob Hinckley  worked exclusively on behalf of the borrower, Monarch Group, in arranging the 10-year, 5.18% fixed-rate securitized loan, which will refinance a GECC note that was originated when the property was purchased in 2007.

HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program.

Monarch at Tempe is located at 4502 and 4505 South Hardy Drive close to the Arizona Mills super regional mall and Interstate 10, approximately two miles south of Arizona State University in Tempe.

The 88% leased property has one- and two-bedroom units ranging from 700 to 980 square feet. Residents at Monarch have access to a 24-hour fitness center, two pool areas, a picnic area with grills, a tennis court and a children’s playscape.

The Monarch Group is a private real estate investment and development firm founded in 1997 and is based in La Jolla, California.

Contacts:

Aldon L. Cole, HFF Director, (858) 552-7690, acole@hfflp.com
Rob Hinckley, HFF Associate Director, (858) 552-7690, rhinckley@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com