Dealmaker: HFF Closes Four Deals Totaling $659M
Holliday Fenoglio Fowler, Houston, sold the GSK Global Vaccine Centre, a Rockville, Md., three-building medical research and development facility, for $337.5 million.
HFF represented seller BioMed Realty Trust, San Diego, and also secured financing from Goldman Sachs, New York, for buyer GSK, London, U.K. HFF Senior Managing Directors Jim Meisel, Dek Potts and Andrew Weir represented made up the investment sales team with Executive Managing Director Stephen Conley and Associate Director Matt Nicholson. Senior Managing Director Kevin MacKenzie, Managing Director Cary Abod and Associate Director Lee Redmond secured the loan.
GSK acquired the site from Human Genome Sciences, Rockville, in 2012. The pharmaceutical firm plans to house 450 employees at the 635,000-square-foot asset and said it will invest more than $50 million in the next two years on the property.
The three-building facility is in Maryland’s Interstate 270 corridor, known as “DNA Alley.” The National Institutes of Health, the National Cancer Institute, the Food and Drug Administration, the University of Maryland Shady Grove Life Sciences Center and Johns Hopkins University Belward Campus are all nearby.
In Atlanta, HFF Senior Managing Director Ed Coco and Senior Real Estate Analyst Matt Casey arranged $115.5 million for Three Ravinia, an 817,000-square-foot office tower in the city’s Central Perimeter submarket.
Preferred Office Properties, Salt Lake City, Utah, acquired the 31-story Class A property in December.
John Hancock Real Estate Finance Group, Boston, supplied the 25-year loan, which bears interest at a 4.46 percent fixed rate.
“This transaction presented a unique opportunity for Preferred Office Properties to grow into the Atlanta market with scale by acquiring a well-known asset,” Coco said.
In downtown Austin, Texas, HFF Director Robert Wooten, Senior Managing Director Doug Opalka and Associate Director Scott Wadler arranged $106 million in construction financing for 70 Rainey, a 34-story condominium under development on the southern end of the Rainey Street District.
ACORE Capital, Larkspur, Calif., supplied the loan to project developer Sackman Enterprises, New York, and partner Starryland USA Corp., Los Angeles.
Due for completion next year, 70 Rainey will include 173 for-sale homes averaging 1,393 square feet. It will also have an amenity deck with 10,000 square feet of indoor space and 20,000 square feet of outdoor space featuring vertical gardens, a water lounge, cabanas, fire pits and gaming areas.
HFF also secured $100 million to refinance Fox Valley Mall, a 1.4-million-square-foot super-regional enclosed mall in suburban Chicago. Managing Director Claudia Steeb, Director Jim Curtin, Real Estate Analyst Brandi Welsch, Managing Director Timothy Joyce and Associate Director Christopher Knight placed the five-year loan with a lender group led by J.P. Morgan Chase Bank and participant lenders Aareal Capital Corp. and CIT Bank, all headquartered in New York.
A joint venture partnership between Centennial Real Estate Co., Dallas, Montgomery Street Partners, Dallas, USAA Real Estate Co., San Antonio, and Westfield America, Los Angeles, refinanced the asset. The financing proceeds paid off an existing commercial mortgage-backed securities loan that the partnership assumed when it purchased the property in 2015.
