HFF secures $4.2M refinancing for 63,000-SF Houston office building

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $4.2 million in refinancing for the Oceaneering Office Building II, (bottom left photo)  a 63,000-square-foot office building in Houston, Texas.

Working exclusively on behalf of the borrower, Cole Space Center, Ltd., HFF senior managing director Susan Hill (top right photo) placed the seven-year, fixed-rate loan with Sentinel Asset Management.

The Oceaneering Office Building II is located at 16665 Space Center Boulevard adjacent to the Lyndon B. Johnson Space Center approximately 20 miles southwest of downtown Houston. The property is 100% occupied by Oceaneering International.

Contacts:


Susan L. Hill, HFF Senior Managing Director, (713) 852-3500 shill@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500 krmurphy@hfflp.com

Sale of West Oaks Mall in Houston closed by HFF

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of West Oaks Mall, food court (photo below) a five-anchor, super regional mall in Houston, Texas.

HFF senior managing directors Robert Williamson (top right photo)  and Rusty Tamlyn (top left photo)  represented special servicer LNR Partners, Inc. in the sale of West Oaks Mall, which they acquired in 2008 through foreclosure. Pacific Retail Capital Partners, LLC purchased the property for an undisclosed amount free and clear of debt.

West Oaks Mall is located at the intersection of Westheimer Road and State Highway 6 in west Houston. The sale included the in-line shop space, an outparcel site and two of the five anchor stores (Sears and former Steve & Barry’s), totaling 505,236 square feet of the mall’s 1,082,836 square feet. Excluded from the sale were Macy’s, Dillard’s and a vacant department store that formerly housed JC Penney.

“West Oaks Mall is located in the heart of desirable far west Houston and is primed to regain its former stature now that it is back in the hands of a seasoned operator of regional malls,” said Williamson.

LNR Partners is one of the largest special servicers of CMBS loans in the U.S. and is part of privately-held LNR Property Corporation based in Miami Beach, Florida.

Pacific Retail Capital Partners is a privately-held operator of retail properties with a focus on turning around troubled assets. Pacific Retail Capital Partners is headquartered in Los Angeles.

Contacts:

Robert Williamson, HFF Senior Managing Director, (713) 852-3500, rwilliamson@hfflp.com
Rusty Tamlyn, HFF Senior Managing Director, (713) 852-3500, rtamlyn@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF named to market sale of Hock Plaza I at Duke University in Durham, NC

HOUSTON, TX – The Houston and New York offices of HFF (Holliday Fenoglio Fowler, L.P.)  have been named to market for sale Hock Plaza I at Duke University,(middle right photo)  a 327,162-square-foot Class A office building in Durham, North Carolina.

HFF senior managing directors Jeff Hollinden (top right photo), Glenn Whitmore (top left photo) and Andrew Scandalios (bottom right photo) , along with associate director Barbara Guffey, (bottom left photo)  will lead the investment sales team on behalf of the seller, Brickman.

The property is being offered for sale without a formal asking price and is subject to in-place assumable financing. HFF arranged the prior sale of Hock Plaza I to Brickman in 2005.

Completed in 2004, Hock Plaza I has 12 floors of office space plus an attached 1,100-space parking garage.

The property is 98.4% occupied under long-term leases by Duke University and Duke University Healthcare Systems. The 2.5-acre site is located at 2424 Erwin Road immediately adjacent to the Duke University campus and the “world-renowned” Duke Medical Center.

“Hock Plaza I is an asset of exceptional quality with a stable income stream backed by Duke University and its affiliated healthcare system,” said Hollinden. “The immediate proximity to Duke’s campus and medical center make this a truly irreplaceable location as well.”

“This is arguably one of the top office buildings on the market in the country at this time,” added Whitmore. “Core investors today are seeking Class A quality, investment grade credit and long term leases – this asset offers all of those attributes plus very attractive assumable financing.”

Brickman is a real estate private equity firm that invests with the perspective and insight of an owner-operator.

 Since 1992, the firm has invested in excess of $2.7 billion of total capital in more than 61 real estate transactions throughout the United States.

 Brickman owns and operates all property types, applies opportunistic and core investment strategies, and invests across the entire capital structure of real estate assets.

Contacts:

Jeff Hollinden, HFF Senior Managing Director, (713) 852-3500, jhollinden@hfflp.com

 Glenn Whitmore, HFF Senior Managing Director, (212) 632-1807, gwhitmore@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, kmurphy@hfflp.com

HFF secures $13.9M refinancing for Corpus Christi, TX Class A multi-housing community

 
HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $13.9 million refinancing for Alta Bayside, (top left photo) a 270-unit, Class A multi-housing community in Corpus Christi, Texas.

Working exclusively on behalf of Wood Partners, LLC, HFF director Matt Kafka (bottom right photo)  placed the seven-year, adjustable-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation).

The financing is retiring the property’s construction loan and will be serviced by HFF.

Situated on nearly 15 acres, Alta Bayside is located at 1701 Ennis Joslin Road east of South Padre Island Drive in Corpus Christi. The 96% leased property was completed in 2007 and consists of 10, three-story buildings with units averaging 1,088 square feet each.

Community amenities include a clubhouse, fitness center, pool, sand volleyball court, game room with billiards, reserved boat parking and storage units.

Wood Partners, LLC is a national multifamily development, acquisition and property management company that has 12 offices across the country. The company was founded in 1998 and since then has developed and/or built more than 38,000 multifamily apartment homes and condominiums with a total value exceeding $5.3 billion.

Contacts:

Matthew Kafka, HFF Director, (713) 852-3500, mkafka@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing , (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of west Houston office building

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of 10411 Westheimer, (top left photo) a 30,000-square-foot office building in Houston, Texas.

HFF senior managing director Dan Miller (bottom right photo) and analyst Trent Agnew led the investment sales team on behalf of the seller, Brookfield Real Estate Opportunity Fund, which is sponsored by Brookfield Asset Management.

Pacific Sun Investments, LP, a Houston-based company led by Amir Taghdisi (middle left  photo)  and Alan Taghdisi, purchased the property for an undisclosed amount free and clear of debt.

10411 Westheimer is situated on 3.7 acres in the Westchase District of west Houston, convenient to and visible from Beltway 8. The property is fully occupied with JPMorgan Chase leasing 50% of the building under a long-term lease.

“The combination of JPMorgan Chase credit, a Westheimer address with Beltway frontage, and redevelopment potential made this a highly sought after property for private buyers, generating approximately 20 offers,” said Miller.

Brookfield Real Estate Opportunity Fund invests in underperforming and distressed real estate in the US and Canada, and has acquired nearly $2 billion worth of assets since 2004.

Brookfield Asset Management Inc. is a global asset manager focused on property, renewable power and infrastructure assets with over $80 billion of assets under management.

The company’s shares are listed on the New York and Toronto stock exchanges under the symbols BAM and BAM.A, respectively, and on Euronext under the symbol BAMA. For more information, please visit Brookfield’s website at www.brookfield.com.

Contacts:
H. Dan Miller, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500, dmiller@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of Houston-area industrial complex on behalf of national REIT

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.)  has closed the sale of Central Park Northwest, a 283,182-square-foot industrial flex service center in Houston, Texas.

HFF senior managing director Rusty Tamlyn (top right photo)  led the investment sales team on behalf of the seller, Weingarten Realty Investors. CC Realty Advisors, a national investor of retail, industrial and office properties, purchased Central Park Northwest for an undisclosed amount. The transaction was completed in 86 days from contract to close.

Central Park Northwest contains eight single-story buildings that are 81% leased. The property is situated on more than 18 acres at 2200-2501 Central Parkway and 4930 Dacoma near the intersection of Interstate 610 and US Highway 290 in northwest Houston.

Contacts:

Rusty Tamlyn, HFF Senior Managing Director, (713) 852-3500, rtamlyn@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing. (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of nine-property Texas self storage portfolio

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of a nine-property self storage portfolio located in Austin, Dallas, Houston and San Antonio, Texas.

HFF senior managing director Aaron Swerdlin (top right photo) and managing director Doug McCarron (middle left photo)  led the investment sales team exclusively on behalf of the seller.

The portfolio was listed for $71 million. HSRE (Harrison Street Real Estate Capital, LLC), of Chicago, purchased the portfolio for an undisclosed price.

HSRE’s company model is to acquire as well as to provide equity capital to developers and operators in the areas of real estate related to education, healthcare and self storage.

“We were pleased to acquire such a strong performing portfolio of stores with the benefit of excellent assumed CMBS debt,” said Geoffrey Regnery, vice president at HSRE.

The properties, which were built between 1994 and 1998, contain more than 5,300 units and total 551,609 square feet. There are five properties in Houston, two properties in Dallas, one property in Austin and one property in San Antonio.

“The resiliency of the self storage product type in a recessionary environment certainly was apparent by the multiple offers we had to work with on this transaction.

"Augmented by the fact that all of the assets were in Texas, one of the best performing states in the country, this portfolio was extremely attractive to buyers with capital to invest in self storage.

" We continue to see the product type outperform the broader market, especially as the capital markets and the US economy stabilizes,” said Swerdlin.

Contacts:

Aaron A. Swerdlin, HFF Senior Managing Director, (713) 852-3500, aswerdlin@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges $27.12M construction loan for to-be-built student housing project near University of Alabama

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $27.12 million construction loan for Sterling Crimson Apartments, a student housing community near the University of Alabama (top right photo)  in Tuscaloosa, Alabama.

HFF associate director Cameron Cureton (bottom left photo) worked on behalf of the borrower, The Dinerstein Companies, to secure the construction loan through a regional bank. T

he Dinerstein Companies is a coast-to-coast full-service real estate and development company with a 50-year legacy of quality and success. Family-owned and operated for three generations, the company prides itself on a long-term commitment to quality.

Upon completion in August 2011, the Sterling Crimson Apartments will have 316 one-, two-, three- and four-bedroom units totaling 700 beds. Each bedroom will have a full bathroom and unit interiors will feature washers and dryers, full kitchens, internet, cable and a 42” plasma television wall mounted in every living room.

The clubhouse will include an internet café with a coffee bar, a fitness center with a separate spinning room, a tanning salon and a resort-style pool with a grilling area. The property is located at the corner of 10th Avenue and 14th Street on the southwestern edge of The University of Alabama campus in Tuscaloosa.

“Student housing remains one of the bright spots in the industry and continues to receive construction financing albeit challenging. Reports from the NMHC are showing enrollment is up at universities across the country and the demand for student-housing has not decreased, despite the downturn in the economy,” said Cureton.

Contacts:

Cameron Cureton, HFF Associate Director, (713) 852-3500, ccureton@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing,  (713) 852-3500, krmurphy@hfflp.com

HFF arranges $32.2M financing for Austin, TX luxury multi-housing high-rise

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $32.2 million in financing for AMLI on 2nd, (bottom left photo) a 19-story, 231-unit, Class A+ multi-housing development with approximately 41,000 square feet of ground floor retail in downtown Austin, Texas.

 

HFF executive managing director Scott Galloway and director Matt Kafka (top right photo) worked on behalf of AMLI Residential Properties to secure the seven-year, adjustable-rate loan through Freddie Mac (Federal Home Loan Mortgage Corporation).



AMLI Residential Properties, a national firm focused on the development, acquisition and management of luxury apartment communities, currently owns and operates 21,000 units.

Located at 421 West 3rd Street, AMLI on 2nd is situated within the “vibrant” 2nd Street retail district within walking distance of numerous area attractions including restaurants and entertainment venues and the Lady Bird Lake hike and bike trail.

The property was built in 2007, and offers one- and two-bedroom units with views of the downtown skyline, Westlake Hills and Lady Bird Lake. Community amenities include a fitness center, sky deck with pool and barbeque grills, business center, resident lounge and garage parking for both residential and retail tenants.

“AMLI on 2nd is truly a first-class development with tremendous views of the entire city and a fantastic amenity package. The property is well-positioned to take advantage of its live, work, play location in the rapidly growing Austin CBD,” said Kafka.

Contacts:

Matthew Kafka, HFF Director, (713) 852-3500, mkafka@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of Crossroads Mall in San Antonio, TX

HOUSTON, TX – The Houston and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today they have closed the sale of Crossroads Mall, (top left photo) a 742,000-square-foot mall in San Antonio, Texas.

HFF senior managing directors Rusty Tamlyn (middle right photo) and Doug Hazelbaker (bottom left photo) led the investment sales team on behalf of the seller, an affiliate of Trammell Crow Company.

A group of San Antonio and Houston investors purchased Crossroads Mall for an undisclosed price.

Crossroads Mall is located on a 36.5-acre site at 4522 Fredericksburg Road close to the Interstate 10 and 410 interchange in northwest San Antonio.

Originally built in 1961, the property is undergoing a remarketing and rebranding effort by the new buyer group.

Current anchor tenants include Burlington Coat Factory, Hobby Lobby, Stein Mart and Jo-Ann Fabrics.

Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in real estate.

It has developed or acquired over 500 million square feet of buildings with a value exceeding $50 billion. As of March 31, 2009, Trammell Crow Company had over $6.9 billion of projects in process or in its pipeline.

Contacts:

Rusty Tamlyn, Senior Managing Director, (713) 852-3500, rtamlyn@hfflp.com

Doug Hazelbaker, Senior Managing Director, (214) 265-0880, dhazelbaker@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of New Jersey self-storage facilities

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of two United Stor-All self-storage facilities in Parsippany and Fairfield, New Jersey.

HFF senior managing director Aaron Swerdlin (top left photo), managing director Doug McCarron (top right photo) and associate director Michael Klein (bottom right photo) led the investment sales team exclusively on behalf of the seller, a joint venture between United Stor-All and the Fidelity Real Estate Group.

An unrelated third party purchased both properties for an undisclosed price.

Completed in 2004, the two United Stor-All properties total approximately 1,406 units in 139,850 square feet and feature climate-controlled space, individual unit alarms and digital camera security monitoring.

“The self-storage asset class has held up extremely well in the current environment relative to operations and value constancy, especially when compared to the broader investment real estate market.

"High quality assets such as these are well-positioned to continue to outperform as the capital markets and the US economy stabilizes,” said Swerdlin.

Fidelity Real Estate Group pursues value-added real estate investment opportunities throughout the U.S. on a fully discretionary basis for its managed funds.

Fidelity Real Estate Group is a division of Pyramis Global Advisors, which is a wholly owned subsidiary of Fidelity Investments.

Fidelity Real Estate Group manages in excess of $1.1 billion on behalf of institutional and individual clients.

United Stor-All is a national self storage developer, operator and property manager.

United Stor-All has developed in excess of 40 self-storage facilities in the past 10 years and currently manages a portfolio of approximately 90 self-storage facilities for its own account and on behalf of third party clients.

Contacts:

Aaron A. Swerdlin, HFF Senior Managing Director, (713) 852-3500, aswerdlin@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500, krmurphy@hfflp.com

HFF secures financing totaling nearly $50M on behalf of Trammell Crow Residential

HOUSTON, TX – The Houston and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they has secured nearly $50 million in financing on behalf of Trammell Crow Residential for Alexan Woods (top right photo) and Alexan Main Street, (middle left photo) two Class A multifamily complexes in Houston, Texas.

Working exclusively on behalf of the borrower, HFF executive managing director Jody Thornton (middle right photo) and associate directors John Ahmed and Matt Kafka (bottom left photo) placed two, seven-year adjustable-rate loans with Freddie Mac (Federal Home Loan Mortgage Corporation).

A $22.16 million loan was secured for Alexan Woods and a $27.63 million loan was arranged for Alexan Main Street. Proceeds will be used to retire the existing construction loans, while recapitalizing both assets with assumable, non-recourse financing and flexible prepayment structures.

“Despite an extremely challenging capital markets environment, Freddie Mac never wavered in their focus or in their commitment to these deals,” said Kafka.

Alexan Woods is located in The Woodlands, approximately 25 miles north of downtown Houston.

Completed in 2007, the property has 280 units with 99 percent of the units currently occupied.

Community amenities include a swimming pool, clubhouse, business center, fitness center and covered parking.

Currently 98 percent occupied, Alexan Main Street was also completed in 2007 and has 286 one- and two-bedroom units, averaging 983 square feet each. Residents have access to a resort-style pool, business center and athletic club.

Located at 8333 Braesmain Drive, the property is located at Braesmain Drive and South Main Street in Houston, adjacent to the Texas Medical Center.

“As the majority of sales today have some measure of assumable debt and/or seller financing, TCR was very astute in structuring these properties with attractive, non-recourse debt in-place,” added Ahmed.

Trammell Crow Residential entities develop and acquire multifamily rental communities throughout the United States.

Contacts:

Matt Kafka, HFF Associate Director, (713) 852-3500, mkafka@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges $5M refinancing for Houston area multifamily property

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $5.0 million refinancing for Deerbrook Garden, (top right photo) a 162-unit multifamily community in Humble, Texas.

HFF managing director Jeff Knowles (bottom left photo) worked exclusively on behalf of the borrower, Deerbrook Garden Apartments Ltd, to secure the 5.83% fixed-rate Fannie Mae loan with Wachovia Multifamily Capital, Inc.

The financing replaces an existing CMBS loan that was used to purchase the property in 2004.

Deerbrook Garden is located at 1230 FM 1960 East, in close proximity to Deerbrook Mall and Bush Intercontinental Airport approximately 18 miles northeast of Houston’s central business district.



Completed in 1983, the property includes one- and two-bedroom units with five different floor plans that feature a washer/dryer in every unit, wood-burning fireplaces and valet trash service. The property is managed by Houston-based Asset Plus Companies and is 100% occupied

Contacts:

B. Jeffrey Knowles, HFF Managing Director, (713) 852-3500 knowles@hfflp.com


Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500 j krmurphy@hfflp.com

HFF arranges $3.5M refinance of Austin, TX multifamily community

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced has arranged a $3.5 million refinancing for The Villas at San Gabriel, (above centered photo) a 26-unit multifamily community in Austin, Texas.

Working exclusively on behalf of 2410 San Gabriel, L.P., HFF managing director Susan Hill (top right photo) placed the 10-year fixed-rate loan with American National Insurance Company.

The Villas at San Gabriel are located at 2410 San Gabriel Street within walking distance to the University of Texas at Austin. (bottom left photo)

The property has maintained 100% occupancy since completion in 1998 and is currently fully leased to University of Texas students.

HFF (NYSE: HF) operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing. http://www.hfflp.com/.

Contacts:

SUSAN L. HILL, HFF Managing Director, (713) 852-3500, shill@hfflp.com

KRISTEN M. MURPHY, HFF Associate Director Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of five-property Houston office portfolio

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has closed the sale of a five-property, 157,672-square-foot office portfolio in Houston, Texas.

The HFF investment sales team was led by senior managing director Dan Miller (middle left photo) and real estate analyst Trent Agnew, who marketed the portfolio on behalf of the seller, Brookfield Asset Management.

SLS Houston Properties, LLC purchased all five properties for an undisclosed price.

The approximately 75% leased portfolio is 43% occupied by JPMorgan Chase (top right photo) with an average remaining lease term of 12.5 years. Additional tenants include local and regional companies or individuals. Two of the properties have excess land for future development.

“The length of term and credit on the JPMorgan Chase lease, coupled with the excess land and potential to increase occupancy, created interest from a number of private buyers,” said Agnew.

Individual property details are below by
Property, Address and Size:

Gulfgate, 2900 Woodridge, 54,747 Square Feet
West Oaks, 6200 Highway 6 South, 29,250 Square Feet
Westwood, 9525 Bissonnet, 23,002 Square Feet
Stafford, 11806 Wilcrest, 21,622 Square Feet
Cy Fair 13103 FM, 1960 West, 29,051 Square Feet

“Due to JPMorgan Chase’s desire to be located in highly visible locations, the portfolio has frontage on some of Houston’s busiest roadways including Interstate 45, Highway 290, Westpark Tollway/Highway 6 and US 59,” added Miller.

Brookfield Asset Management Inc. is a global asset manager focused on property, power and other infrastructure assets with approximately $80 billion of assets under management.

CONTACTS:

H. Dan Miller, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500, dmiller@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500, kmurphy@hfflp.com

http://www.hfflp.com/.