Monday, July 15, 2013

HFF closes sale of and arranges financing for Neuhaus Tower in McAllen, TX


Neuhaus Tower, McAllen, TX

HOUSTON, TX – HFF announced today the sale of Neuhaus Tower, a 17-story, 242,693-square-foot office tower in McAllen, Texas.

Dan Miller
                HFF represented the seller, an affiliate of Brookfield Asset Management, Inc.  Cielo Realty Partners purchased the property for an undisclosed amount free and clear of existing debt.  HFF also arranged acquisition financing on behalf of the buyer.

The tower is located at 200 South 10th Street in McAllen’s central business district.  Built in 1982, the Class A property is leased to multiple tenants and is anchored by JPMorgan Chase Bank.  Situated on 9.09 acres, the property is the tallest office building in the Rio Grande Valley.

Trent Agnew
                The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Trent Agnew

HFF’s debt placement team was led by associate director Corby Chaffin.

Cielo Realty Partners was formed in 2010 by Bobby Dillard and Rob Gandy with a focus on commercial real estate development and acquisitions.

Corby Chaffin
  Cielo’s acquisition strategy focuses on opportunistic investments in assets that have the potential to be repositioned so that value can be created in the project. 

  Since inception, Cielo and its subsidiaries have acquired more than $75 million in real estate assets including multiple retail centers, office buildings and infill land across Texas.  The principals of Cielo have collectively developed and acquired more than four million square feet of commercial real estate, with a total project cost of more than $500 million.


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

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



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