Dealmaker: HFF Arranges $50M on West Coast
Holliday Fenoglio Fowler, Houston, arranged $42 million in joint venture equity and construction financing for Perris Circle Industrial Park, a two-building Class A industrial facility near Los Angeles.
HFF worked on behalf of developer Circle Industrial, Lawndale, Calif., to arrange the joint venture equity partnership with Cigna Realty Investors, Bloomfield, Conn. The firm also secured construction financing for the partnership with Wells Fargo Bank, San Francisco.
Located in the Inland Empire East submarket, Perris Circle Industrial Park Building One, a 474,000-square-foot cross-dock warehouse, will have a 36-foot clear height and parking for 153 trailers. Building Two will include 24 dock-high doors with a 32-foot clear height and parking for 31 trailers. It will total 120,000 square feet. Both buildings will deliver early next year.
HFF Senior Managing Directors Anthony Brent and Kevin Mackenzie and Managing Director Ryan Martin led HFF’s equity placement team while Managing Directors Todd Sugimoto and Mark Wintner led the debt placement team.
“With significant positive absorption of industrial space in the market, the Circle Industrial development will provide well-located product to a market that continues to see considerable demand from users for first-generation buildings under 500,000 square feet,” Martin said.
Brent said the project broke ground in August. “With a scarcity of Class A product and continued demand from buyers and tenants, the project will be offered for sale or lease,” he said.
HFF also arranged $7.95 million from a national lender to refinance Snoqualmie Ridge, a two-story, 77,000-square-foot office/flex property in Snoqualmie, Wash. Working on behalf of borrower Nexus Snoqualmie LLC, HFF Senior Managing Director Tim Wright and Director Zack Holderman placed the 10-year fixed-rate loan. Loan proceeds replaced a maturing commercial mortgage-backed securities loan from a 2005 recapitalization.
Snoqualmie Ridge within the Snoqualmie Ridge Business Park occupies 4.1 acres in Seattle’s Eastside area.
