HFF Secures $249M for Two Retail Centers

Holliday Fenoglio Fowler, Houston, secured $249 million for retail centers in Portland, Ore. and suburban Las Vegas.

HFF worked on behalf of sponsor Cypress Acquisition Partners Retail Fund to secure $177 million for Lloyd Center, a 1.27 million-square-foot regional shopping center with office space in the Lloyd District, a mixed-use area northeast of central Portland.

HFF Director Cullen Aderhold, Senior Managing Director Trey Morsbach and Managing Director Tom Wilson arranged the floating-rate loan through an affiliate of KKR Real Estate Finance Trust Inc., New York.

The financing will fund a capital improvement plan that includes converting space previously occupied by retail tenants into creative office space, enhancing connectivity to nearby office and apartment developments and reconfiguring the property’s ice rink.

Built in 1960, Lloyd Center underwent renovations in 1991 and 2006 prior to the current renovations, which began last year. The property includes Macy’s, H&M, Marshalls, Barnes & Noble and a variety of office tenants. 

HFF also secured $72 million for a Whole Foods-anchored lifestyle center in Henderson, Nev. Senior Managing Director Aldon Cole and Managing Director Todd Sugimoto worked on behalf of borrower Vestar to secure acquisition financing for 384,000-square-foot retail and office center The District at Green Valley Ranch.

AIG Investments, New York, supplied the 10-year, fixed-rate loan.

Anchored by a 51,300-square-foot Whole Foods Market, The District at Green Valley Ranch is 91 percent leased to 70 retailers including REI, Pottery Barn, Williams-Sonoma, The Cheesecake Factory and P.F. Changs. Developed in two phases in 2004 and 2005, the open-air center has 77,000 square feet of office space on the top two floors.

“Las Vegas has made a robust recovery in recent years, and has finally begun to garner more and more life company interest,” Cole said.