HFF closes $4.3M sale of suburban Chicago office and warehouse building

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.)  has closed the sale of 7100 Madison, a 50,157-square-foot office and warehouse distribution building in Willowbrook, Illinois.

HFF managing directors Jaime Fink top right photo) and Jeffrey Bramson (top left photo)  and director Kenneth Glomb led the investment sales team on behalf of the seller, a subsidiary of Prime Group Realty Trust. CenterPoint Properties purchased the property for $4.3 million free and clear of debt.

7100 Madison was completed in 1998 as a build-to-suit for Trane Company, an international supplier of HVAC equipment, which leases the entire property through December 2015.

 The property consists of 60 percent office and 40 percent warehouse space and serves as a regional sales and service office and parts distribution facility.

 Situated on 4.5 acres at 7100 Madison, the property is close to Interstates 55 and 294 approximately 18.5 miles southwest of downtown Chicago in Willowbrook.

Contacts:
Jaime M. Fink, HFF Managing Director, (312) 528-3650, jfink@hfflp.com
Jeffrey M. Bramson, HFF Managing Director,   (312) 528-3650, jbramson@hfflp.com
Kenneth J. Glomb,  HFF Director, (312) 528-3650, kglomb@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges $10.75M refinancing for Gateway Tower in St. Louis, MO

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.)  has arranged a $10.75 million refinancing for Gateway Tower, (centered photo below)  a 20-story, Class A office tower in St. Louis, Missouri.

HFF director Matthew Schoenfeldt (middle right photo)  worked on behalf of the borrower, Sovereign Partners, LLC, to secure the five-year, fixed-rate loan through Ladder Capital Finance. This financing retires a maturing CMBS loan that was originated by Bank of America in 2005.

The 213,228-square-foot Gateway Tower is 95% leased to tenants including KMOV-TV, Inc., Fox Galvin, LLC, Infinity Broadcasting Corp. and East-West Gateway Council.

Since acquiring Gateway Tower in 2003, ownership has invested more than $3 million into capital projects at the property, delivering an upgraded lobby, common areas and the “newest mechanical systems in the St. Louis central business district”.

Located at One Memorial Drive, Gateway Tower is adjacent to Interstate 70 and within walking distance to Busch Stadium, (centered photo below)  Ball Park Village mixed-use development and two Metrolink rail stops in St. Louis’ central business district.

“Gateway Tower is now one of the most prominent Class A office buildings in the St. Louis central business district and has garnered a number of prestigious awards including BOMA’s regional ‘Building of the Year’ award for extraordinary renovation,” said Schoenfeldt.

“The vote of highly-esteemed tenants, via new leases and continued renewals, is a further endorsement of the quality/value combination that Sovereign delivers in Gateway Tower.”

Sovereign Partners, LLC, is a national real estate investment firm that actively pursues the acquisition of well-located, quality office buildings whose value can be enhanced through targeted capital improvements, effective hands-on management, aggressive marketing and prudent expense reductions.

Contacts

Matthew R. Schoenfeldt, HFF Director HFF, (312) 528-3650, mschoenfeldt@hfflp.com
Kristen Murphy, Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com