Thursday, February 20, 2014

Sale and financing of 7700 San Felipe in Houston, TX closed by HFF


7700 San Felipe Street office building, Houston, TX

Dan Miller
HOUSTON, TX – HFF announced today that it has closed the sale of and arranged financing for 7700 San Felipe, a five-story, 100,716-square-foot office building in Houston, Texas.

               HFF marketed the property on behalf of the seller, a joint venture between Dallas-based Velocis Fund and Houston-based Fuller Realty Partners LLC, and procured the buyer, a local investor represented by Hicks Ventures. 

 HFF’s debt placement team worked on behalf of the buyer to secure a fixed-rate loan with Nationwide Bank, one of HFF Houston’s correspondent life company lenders, for the purchase of the property.

               7700 San Felipe is situated on a 2.2-acre site close to the intersection of South Voss and San Felipe in the West Loop/Galleria submarket of Houston, adjacent to the residential neighborhoods of the Memorial Villages and Tanglewood and a short drive from Interstate 10 and the Galleria.  

The property is 95 percent leased and features a 257-space parking garage.

The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Martin Hogan.

Martin Hogan
HFF’s debt placement team representing the buyer was led by associate director Corby Chaffin.

Fuller Realty Partners, LLC was established in 1979.  Fuller is a privately owned, full service commercial real estate firm headquartered in Houston, Texas.  The principals of Fuller have been partners since 1994 and have a collective 75 years of commercial real estate experience.

Velocis is a private equity real estate fund, active in the acquisition, operation/management, and disposition of commercial real estate in the United States. Velocis has approximately $280 million in total assets under management and after the sale of 7700 San Felipe, currently owns eight assets in Texas, one in Denver, Colorado, one in Florida and one in Atlanta, Georgia.

Velocis consists of two entities: Velocis Fund, LP and Velocis Advisors, LLC.  Velocis Fund, LP is a private equity real estate fund, active in the acquisition, operation/management, and disposition of commercial real estate in the United States. 

Corby Chaffin
dditionally, Velocis Advisors, LLC provides asset management and advisory services to both investors and real estate clients.  Additional information about Velocis can be found at http://velocis.com/ .

Hicks Ventures, who represented the buyer, generates proprietary deal flow through lengthy relationships with JV equity players, mortgage brokers, investment sales brokers, Life Co’s, banks and its 28 years of active participation in deals in Houston and other markets.

The firm identifies and purchases office buildings in quality sub markets that are attractively priced, repositions and recapitalizes the asset while adding value through aggressive management, marketing and leasing while preparing the project for sale to maximize value in a 3-5 year horizon

 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


No comments:

Post a Comment