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| Kilroy 12-property office portfolio in Sorrento Mesa and Rancho Bernardo submarkets of San Diego, CA |
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| Nick Psyllos |
SAN DIEGO, CA – HFF announced it has closed the sale of a
12-property office portfolio totaling nearly 1.1 million square feet throughout
the Sorrento Mesa and Rancho Bernardo submarkets of San Diego, California.
HFF marketed the property on behalf of the seller, Kilroy
Realty Corporation.
An affiliate of
Starwood Capital Group Global, a leading private investment firm based in
Greenwich, Connecticut, purchased the asset free and clear of existing
debt.
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| Ryan Gallagher |
HFF also arranged a variable-rate acquisition loan on behalf
of the buyer through Wells Fargo Bank and CIBC as the senior lenders and
Goldman Sachs as the mezzanine lender.
The institutional quality portfolio is 91 percent leased
overall and includes one-, two-, and three-story office buildings located in
the suburban markets of Sorrento Mesa and Rancho Bernardo. The average completion date for the
12-building portfolio is 2002.
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| Michael Leggett |
The HFF investment sales team representing the seller was
led by senior managing directors Nick Psyllos and Ryan Gallagher,
and senior managing director and co-head of HFF’s national office investment
sales platform Michael Leggett.
HFF’s debt placement team was led by senior managing
directors Tim Wright and Don Curtis and managing director
Aldon Cole.
With more than 65 years of experience owning, developing,
acquiring and managing commercial properties in West Coast real estate markets,
publicly traded real estate investment trust Kilroy Realty Corporation (KRC), a
member of the S&P MidCap 400 Index, is one of the region’s premier
landlords.
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| Tim Wright |
The company provides physical work environments that can
advance creativity and productivity to serve a roster of dynamic,
innovation-driven tenants that includes technology, entertainment, digital
media and health care companies.
At September 30, 2013, the company’s stabilized portfolio
totaled 12.5 million square feet of office properties, all located in the
coastal regions of greater Seattle, the San Francisco Bay Area, Los Angeles,
Orange County and San Diego.
In addition, KRC has
approximately 1.9 million square feet of new office development under
construction with a total estimated investment of approximately $1.1
billion.
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| Don Curtis |
More information is available at www.kilroyrealty.com.
Starwood Capital Group is a private, U.S.-based investment
firm with a core focus on global real estate.
Since the group’s inception in 1991, the firm has raised more than $23
billion of equity capital and acquired over $45 billion in assets.
Starwood Capital Group currently has $32
billion of assets under management.
Starwood Capital Group maintains offices in Greenwich, Atlanta, San
Francisco, Washington, D.C., Los Angeles and Chicago, and affiliated offices in
London, Luxembourg, Paris, Mumbai and Sao Paulo.
Starwood Capital Group has invested in nearly every class of real
estate on a global basis, including office, retail, residential, senior
housing, golf, hotels, resorts and industrial assets.
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| Aldon Cole |
Starwood Capital Group and its affiliates have successfully
executed an investment strategy that includes building enterprises around core
real estate portfolios in both the private and public markets.
Additional
information about Starwood Capital can be found at www.starwoodcapital.com.
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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