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| Napa Square, Downtown Napa, CA Photo by Todd Quam at Digital Sky Aerial Imaging |
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| Jordan Angel |
SAN FRANCISCO, CA – March
16, 2016 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
closed the sale and arranged acquisition financing for Napa Square, a
65,848-square-foot, trophy mixed-use asset in downtown Napa, California.
HFF marketed the property
on behalf of the seller, CDI Companies, a private investor. JOSS Realty Partners purchased the asset for
$39.25 million.
Additionally, HFF worked
on behalf of JOSS to secure a $22.3 million acquisition loan with J.P. Morgan
Asset Management for the benefit of one or more managed accounts. The financing has a 10-year, fixed-rate term
and will be serviced by HFF.
Originally built in 1957
and redeveloped in 2009, Napa Square is a LEED Gold certified, stucco and cast
stone property featuring 41,010 square feet of Class A office space, 24,848
square feet of ground floor retail, open courtyards and subterranean parking
for 44 vehicles.
The 92-percent-leased property boasts tenants
including Wells Fargo, Charles Schwab, US Bank and UPS and is anchored by two
restaurants: Oenotri, a southern Italian restaurant, and The Norman Rose
Tavern, a neighborhood pub.
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| Scott Pertel |
Situated in the newly
revitalized “West End” neighborhood of downtown Napa across from The Andaz
Hotel, Napa Square is within walking distance of Napa Center, a mixed-use
project slated for completion within the year and Oxbow Public Market, a public
market housing more than 20 local artisan retailers and eateries.
The property is also convenient to Highway
29, the main thoroughfare of Napa Valley.
The HFF investment sales
team representing the seller was led by
Nicholas Bicardo, Scott Pertel, Danny Reddin and Brandon Rogoff.
HFF’s debt placement team
representing the new owner was led by Jordan
Angel.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
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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