HFF completes first mortgage loan sale secured by Village at Camp Bowie in Fort Worth, TX

DALLAS, TX – The Dallas and Chicago offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have completed the sale of a first mortgage loan secured by The Village at Camp Bowie, (bottom left photo)  a 270,069-square-foot, six-building retail and office development in Fort Worth, Texas.

HFF senior managing directors Doug Hazelbaker (top right photo)  and Jim Batjer (top left photo)  and managing director Bill Mitchell (bottom right photo)  marketed the loan on behalf of the seller, Wells Fargo Bank.

The loan sale was launched on May 20th. All-in-all, 92 firms signed confidentiality agreements, with 20 firms bidding. Western Real Estate Equities, LLC purchased the loan for an undisclosed price on June 30th.

The Village at Camp Bowie is situated on a 19-acre site on the north and south sides of Camp Bowie Boulevard (US Route 377), one-half mile south of Interstate 30 in western Fort Worth.

 The property was renovated from 2004 to 2007, and is 76% leased to tenants including Frost Bank, Starbucks, Sprint, Edward Jones and State Farm.

“This was an excellent opportunity to purchase a first-mortgage position on a renovated retail center that is located in one of Fort Worth’s best submarkets,” said Hazelbaker.

Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 stores and 12,000 ATMs and the Internet (wellsfargo.com and wachovia.com) across North America and internationally.

Western Real Estate Equities (“Western”) of Fort Worth, Texas seeks out commercial real estate opportunities primarily in Texas MSA markets focusing on income-producing, multi-tenant, retail, and office properties with either a leasing upside or a rehabilitation value-add component.

Western is an affiliate of Joint Resources Company, an exploration, and production company engaged in the development of oil and natural gas properties.

Also participating in the transaction as a financial partner to both Western and Joint was B-29 Investments, LP (“B-29”), a private equity firm based in Gainesville, Texas.

B-29 deploys capital in opportunities within the upstream and midstream segments of the oil and gas space, in commercial and industrial facilities in the South and Southeastern regions of the United States, and in raw land with mineral right potential upside.

Contacts:

T. Douglas Hazelbaker, HFF Senior Managing Director, (214) 265-0880, dhazelbaker@hfflp.com
William G. Mitchell, HFF Managing Director, (312) 528-3650, wmitchell@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com