HFF arranges $28.5 million sale and joint venture partnership for the acquisition of Torrey Hills Medical Plaza in San Diego, CA

                                                                                  

Torrey Hills Medical Plaza, 4765 Carmel Mountain Road, Carmel Valley Submarket,
 San Diego, CA

                                                                                                              (Photo by Bill Robinson)

 

Evan Kovac

SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged the $28.5 million sale of Torrey Hills Medical Plaza, a 44,091-square-foot, Class A medical office building in the Del Mar Heights/Carmel Valley submarket of San Diego, California.

HFF marketed the property on behalf of the seller, Torrey Pines Enterprises, LLC, and procured the buyer, Torrey Hills MOB, LLC. 

Additionally, HFF worked on behalf of the buyer in arranging a joint venture with an institutional equity investor and negotiating the assumption and modification of the existing life insurance company loan. 

Torrey Hills Medical Plaza is located on a 2.59-acre site at 4765 Carmel Mountain Road within the Von’s-anchored Torrey Hills Center.  This location is accessible to the 5 and 805 Freeways as well as US Route 56, providing connectivity to all areas of San Diego. 

Additionally, the property is within minutes of UCSD’s Thornton Hospital, Scripps Research Institute, Scripps Memorial Hospital, The Salk Institute San Diego and the VA Medical Center.  Completed in 2005, the two-story building is 92 percent leased and anchored by Fresenius Medical Care.  

The HFF investment sales team representing the seller was led by managing director Evan Kovac, director Nick Frasco, associate Andrew Milne and real estate analyst Trent Jemmett. 

Nick Frasco

HFF director Zack Holderman led the efforts in arranging the joint venture, as well as working with the current life company lender on the assumption and loan modification.

“The quality of the asset and expertise of the buyer, along with a desirable asset and high barriers to entry, enabled HFF to parallel the investment sales process and successfully capitalize this complex transaction in a condensed timeframe. 

"We are fortunate to have a dedicated medical office capital markets team working together to provide dynamic solutions for our clients.” said Holderman.

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Director, Public Relations

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

krmurphy@hfflp.com

HFF arranges $80 million acquisition financing for BLVD Place in Houston, TX

 BLVD Place,  1700 Post Oak Boulevard, Uptown District, Galleria area, Houston, TX

                                                                                                                    (Photo by Shau Lin Hon)

Matt Kafka

HOUSTON, TX  -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged financing for BLVD Place, a 216,692-square-foot, mixed-use retail and office project with 1.42 acres of additional developable land in the Uptown District/Galleria area of Houston, Texas. 

HFF worked on behalf of the borrower, Whitestone REIT, to secure the 10-year, fixed-rate loan.  HFF also represented the seller, a partnership of San Francisco-based Bailard, Inc. and Wulfe & Co, in the sale of BLVD Place. 

Anchored by Whole Foods, BLVD Place is the only grocery-anchored, major mixed-use development in Houston. The project is 99.2 percent occupied and home to a diverse mix of tenants, including Frost Bank, Post, The Boardroom, Verizon, Elaine Turner, Sozo Sushi and True Food.

 Included in the purchase of BLVD Place is approximately 1.4 acres of developable land that will give the borrower the ability to build an estimated 137,000 square feet of additional leasable space. 

Located at 1700 Post Oak Boulevard in the epicenter of Uptown Houston, BLVD Place is in one of the largest business districts in the United States and has immediate access to Loop 610, US-59 and Westpark Tollway. It is proximate to River Oaks, Tanglewood, West University Place, Memorial Village and Bellaire, some of Houston’s most prestigious and affluent neighborhoods.

Kelly Lane

 More than 173,193 residents earning an average annual household income of $120,037 live within a three-mile radius of the property. 

The HFF debt placement team representing the borrower was led by senior managing director Matt Kafka and director Kelly Layne.  Kafka was also involved in brokering the sale of the property along with senior managing directors Wally Reid, Rusty Tamlyn and Ryan West, managing director Davis Adams and director Trent Agnew.

“The transaction had a short time frame and several complicated moving parts but everyone involved performed flawlessly,” Kafka said.

“The iconic nature of this real estate had capital in a frenzy when the perception of the Houston market was at its lowest,” West added.  “This was clearly one of those rare opportunities to capitalize on owning one of the highest-profile corners in the fourth largest city in the country.  We commend Whitestone for their recognition of this opportunity.”

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Director, Public Relations

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

krmurphy@hfflp.com

www.whitestonereit.com

The Hampshire Companies Sell Six-Building Northern New Jersey Industrial Portfolio for $146.85 Million

Six-Building Industrial Portfolio, northern New Jeesey

Mark Rosen

MORRISTOWN, NJ -– The Hampshire Companies announced the $146.85 million sale of a six-building industrial portfolio totaling 1.2 million square feet in northern New Jersey.  Holliday Fenoglio Fowler, L.P. (HFF) marketed the transaction on behalf of The Hampshire Companies. 

The portfolio comprises 200 Middlesex Avenue in Carteret (408,437 square feet); 39 Robinson Road in Lodi (73,373 square feet); 301 Mayhill Street in Saddle Brook (200,000 square feet); 30 Wesley & Worth in South Hackensack (245,824 square feet); and 5 Henderson Drive (210,530 square feet) and 2 Dedrick Place (80,000 square feet) in West Caldwell. 

All of the properties are in infill locations in established industrial submarkets and are near both demand drivers and major transportation arteries servicing their respective markets.  The stabilized portfolio is 96 percent leased to a variety of tenants, including Continental Terminals, R.R. Donnelley, FreshPro Food Distributors and Sealed Air.

The Hampshire Companies team was led by principals and executive vice presidents Todd Anderson and Mark Rosen.

Todd Anderson

“Given its access to the Ports and major area highways, northern New Jersey has become a hub for logistics real estate,” said Anderson. “As e-commerce continues to grow it will fuel demand for logistics real estate.  This demand will include new and existing space. 

“Our northern New Jersey industrial portfolio offers immediate access to large population centers making it highly attractive for companies requiring last-mile facilities.  With demand high and product limited now was the right time to execute our investment strategy and sell the portfolio. 

“Together with our internal team at Hampshire, HFF proved to once again be an excellent partner in assisting us to market the transaction and produce a qualified buyer for the highly sought-after portfolio.”

The HFF team was led by executive managing director Joe B. Thornton, Jr., senior managing directors Jon Mikula and Jose Cruz, managing director David Giancola and associate director Robert Borny.

“We are excited to bring HFF’s full capital markets expertise in to help Hampshire execute an important strategic transaction,” said Mikula.

  

“This portfolio sale drew a significant amount of interest from the institutional community and represents the largest industrial sale in New Jersey this year,” added Cruz.  “The potential rental upside and strategic locations resulted in very aggressive pricing as demand for core plus industrial in the state continues to be very strong.”

Joe B. (Jody) Thornton Jr.

 The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey.  The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments.

  Additional information on The Hampshire Companies is available online at www.HampshireRE.com.

 To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow the company on Facebook (www.facebook.com/hampshireco), Twitter (@hampshireco), and LinkedIn (www.linkedin.com/company/the-hampshire-companies).

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Director, Public Relations

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

krmurphy@hfflp.com