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| First Colony Commons, Sugar Land, TX |
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| Rusty Tamlyn |
HOUSTON,
TX
–– Holliday Fenoglio Fowler, L.P. (HFF) announced today
that it has closed the sale of and secured $38.2 million in acquisition
financing for First Colony Commons, a 410,121-square-foot retail center with
multiple big box tenants in the Houston suburb of Sugar Land,
Texas.
HFF
represented the seller, Covington Realty Partners. TriGate Capital (TriGate)
purchased the property for an undisclosed price. Additionally, working on
behalf of the new owner, HFF placed the five-year, floating-rate, non-recourse
loan with a five-year extension option with NexBank SSB.
First
Colony Commons is 99 percent leased to a variety of big box and national
retailers, including The Home Depot, Babies"R”Us, Office Depot, Michaels, Conn’s
and Tuesday Morning.
Situated on 37.85 acres at 15201-15555 Southwest Freeway,
the center is at the highly visible intersection of Highway 59/Interstate 69 and
Williams Trace Boulevard, which is accessible to approximately 239,321 vehicles
per day.
The property is just north of the intersection of Highways 59 and 6,
the two main transportation corridors that link Houston to Sugar Land. Sugar
Land is an affluent community 20 miles from downtown Houston and in the heart of
Fort Bend County, the sixth fastest-growing county in the country. More than
85,000 residents earning an average annual household income of more than
$134,000 live within a three-mile radius of First Colony
Commons.
HFF’s
investment sales team was led by senior managing directors Rusty Tamlyn and Ryan
West.
HFF’s
debt placement team was led by director Jim Curtin.
“This
power center had a lot of moving parts, which presented challenges for buyers
and lenders,” Tamlyn said. “TriGate was able to navigate through the issues and
will have potential value add opportunities down the road.”
For a complete copy of the company’s news release,
please contact:
Kristen Murphy
Director, Public Relations
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | cell
617.543.4873 | www.hfflp.com
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