$60.74 million acquisition financing for Galleria Place in Houston arranged by HFF
HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $60.74 million in post-closing acquisition financing for Galleria Place, two Class A office buildings totaling 401,000 square feet plus a stand-alone retail site across from the Galleria Mall in Houston, Texas.
Working on behalf of the borrower, LPC Realty Advisors I, LP, an affiliate of Lincoln Property Company, on behalf of a pension fund client, HFF placed the three-year, floating-rate, interest-only loan with ACORE Capital. HFF also arranged the sale of the property earlier in 2015.
Galleria Place consists of Galleria Place I (5251 Westheimer), an 11-story, 217,006-square-foot office building; Galleria Place II (5333 Westheimer), a 10-story, 178,468-square-foot office building; Sage Plaza, a 5,797-square-foot retail building fully leased to a local high-end salon and tailor; Regions Bank, a single-story bank branch and drive-thru connected to Galleria Place I and included in its square footage; and two parking garages with 1,361 spaces. Galleria Place is 53 percent leased to tenants including Just Energy and IHS. The properties occupy six acres bounded by Sage and Westheimer Roads and West Alabama Street directly across from the Houston Galleria, Houston’s premier destination for shopping and dining.
HFF’s debt placement team representing the borrower was led by senior managing director Susan Hill.
About Lincoln Property Company
Lincoln Property Company was founded in 1965 as a developer and manager of high-quality residential communities. Over the next few years, the firm expanded its line of products and services to include commercial real estate. Its national reputation for successful management of its own properties quickly attracted a large client base of owners and investors who recognized the value that the firm could provide in development, property management and real estate consulting services. Today, Lincoln Property Company is one of the most respected and diversified service firms in the United States, employing thousands of experienced, dedicated people who serve a growing client base that reaches coast-to-coast, as well as into Mexico and Europe.
LPC Realty Advisors I, LP (LPCRA) is an investment advisory affiliate of Lincoln Property Company. LPCRA’s current portfolio consists of $1.8 billion in core and value-add investments, including assets totaling 7.4 million square feet in 15 markets nationwide.
About ACORE Capital
ACORE Capital, LP is a commercial real estate finance company focused on originating, acquiring and managing first mortgages, B-notes, mezzanine and preferred equity throughout the United States, Canada and Europe. ACORE specializes in providing borrowers with customized financing solutions at competitive rates and flexible terms and currently has $1.6 billion in committed capital. For more information, please visit www.acorecapital.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.