Dealmaker: HFF Secures $197 for Retail, Condo, Office Assets

Holliday Fenoglio Fowler, Houston, secured $197.4 million for retail, condominium and office assets in three states.

In Pennsylvania’s Lehigh Valley, the firm secured $50.4 million in acquisition financing for MacArthur Commons, a 372,000-square-foot, fully leased grocery-anchored power center. HFF Managing Director James Conley secured the floating-rate acquisition loan.

An Abrams Realty & Development affiliate purchased the asset free and clear of existing debt for $55.25 million.

Abrams Realty obtained long-term lease extensions with anchor tenants Burlington, Dick’s Sporting Goods, Big Lots and T.J.Maxx and gained approval to develop several outparcels, creating a highly competitive marketing process for the financing, Conley said.

MacArthur Commons’ Lehigh Valley location places it 65 miles north of Philadelphia and five miles north of Allentown, Pa. More than 93,000 residents live within three miles of the center.

An HFF debt placement team included Managing Directors Steven Klein and Cary Abod also secured $95.5 million in acquisition financing for Meridian at Carlyle, a 16-story, 403-unit apartment building in Alexandria, Va. A Lincoln Property Co. venture accepted a five-year floating-rate loan from MetLife Investment Management, New York.

Meridian at Carlyle at 401 Holland Lane is adjacent to a Whole Foods Market, within walking distance of the King Street Metro transit station and surrounded by more than two million square feet of retail and restaurants and 5.6 million square feet of office space. Units average 779 square feet.

In southern California HFF Senior Managing Director Paul Brindley, Managing Director Todd Sugimoto, Director Steven Paskover and Associate Ryan Ash secured $51.5 million for 9171 Wilshire Drive in Beverly Hills. Mesa West Capital, Los Angeles, supplied the financing. 

A joint venture between Cruzan and Cigna Investment Management paid $69.2 million for the 107,000-square-foot office building.
Located along one of the city’s busiest thoroughfares, the six-story asset is 83 percent leased to entertainment, financial, legal and real estate tenants including Avalon Holdings, Kaplan Perrone Entertainment and Mejia & Kaplan.

Cruzan plans to renovate the entire building to capitalize on the current strength of Beverly Hills’ office submarket. The venture plans to transform the current vacancies into contemporary work spaces, catering to companies seeking to retain and recruit top talent.

Brindley, Sugimoto, Paskover and Ash secured the funding.