Dealmaker: HFF Secures $161M for Retail, Hotel and Office Assets
Holliday Fenoglio Fowler, Houston, secured $161 million for retail, hotel and office properties in New Jersey, Tennessee and Florida.
In North Bergen, N.J., HFF secured a $100 million 10-year fixed-rate loan for Urban Edge Properties, Paramus, N.J., to refinance Tonnelle Commons, a 410,000-square-foot retail center.
Completed in 2009, the Tonnelle Commons center is fully leased to 16 tenants. Walmart, BJ’s Wholesale Club, PetSmart and Staples anchor the Class A center. It is located at the northern edge of Hudson County–the most densely populated county in New Jersey–one-half mile from Bergen County.
HFF Managing Director Scott Aiese and Senior Managing Director Mike Tepedino led the debt placement team.
“Not all retail is created equally; Tonnelle Commons is a 100-percent-occupied, highly performing center due to its infill location and focused management team,” Aiese said.
In Nashville’s West End submarket HFF secured $40.7 million in construction financing to develop a new 201-room Hyatt House hotel.
HFF Senior Managing Director Ed Coco and Associate Matt Casey worked for the developer, a joint venture between Songy Highroads LLC, Atlanta, and a Hyatt affiliate. They placed the loan with Citizens Bank, Providence, R.I.
When it delivers in early 2019 the 15-story Hyatt House Nashville West End will be an extended-stay hotel near Vanderbilt University, Vanderbilt University Medical Center and Children’s Hospital, Belmont University, St. Thomas Hospital and Tri-Star Centennial Medical Center.
“This Hyatt House project is ideally located squarely in the heart of the West End’s largest demand drivers,” Coco noted. “Fundamentals for the extended-stay product continue to flourish in this incredibly strong submarket.”
In Palm Beach Gardens, Fla., HFF arranged $20.3 million for AW Property Co., Ft. Myers, Fla., to acquire City Centre, a four-building mixed-use office and retail center totaling 93,500 square feet.
HFF also marketed the property for seller Lionstone Investments, Houston, securing $28.1 million for the asset. The sale also included a 20-year ground-leased outparcel with a PNC Bank branch and a 3.2-acre development site approved for 61,800 square feet of office space.
The investment sales team representing the seller was led by HFF Senior Managing Directors Hermen Rodriguez and Daniel Finkle, Director Ike Ojala and Associate Director Tracey Goo. HFF Senior Managing Director Paul Stasaitis and Associate Maxx Carney secured the loan.
