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| 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.
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| 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.
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| 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.
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| 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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