HFF announces $55M refinancing for Inland Empire cold storage facility
NEWPORT BEACH, CA – September 13, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $55 million refinancing for a 507,000-square-foot, state-of-the-art, LEED-certified cold storage facility at 1001 Columbia Avenue in Riverside, California.
The HFF team worked on behalf of an advisor, to secure the 10-year, fixed-rate loan with Allianz Real Estate of America. Loan proceeds are being used to refinance an existing loan.
Originally developed in 2011, the building is 100 percent leased to an investment grade credit tenant. The property is situated on 25.35 acres within Hunter Park, a prominent industrial district strategically located within the Inland Empire East submarket, one of the fastest growing markets in the country.
The HFF debt placement team representing the borrower consisted of senior managing director Kevin MacKenzie and associate AJ Manas.
“Through the marketing process, Allianz developed a deep understanding of the product type and the merits to the transaction,” MacKenzie said. “This included the asset’s ideal positon in the market, the strong sponsorship and credit profile of the tenant.”
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
The Allianz Group is one of the world's leading insurers and asset managers with more than 86 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while its asset managers Allianz Global Investors and PIMCO manage an additional 1.3 trillion euros of third-party assets. Thanks to its systematic integration of ecological and social criteria in our business processes and investment decisions, Allianz holds a leading position in the Dow Jones Sustainability Index. In 2016, over 140,000 employees in more than 70 countries achieved total revenue of 122 billion euros and an operating profit of 11 billion euros for the group.
About Allianz Real Estate
Allianz Real Estate is the strategic center of expertise in real estate within the Allianz Group and a leading international real estate investment and asset manager. Allianz Real Estate develops and executes worldwide tailored portfolio and investment strategies on behalf of the Allianz companies, considering direct as well as indirect investments and real estate loans. The operational management of investments and assets is currently performed in seven international subsidiaries and hubs in Germany, France, Switzerland, Italy, Spain, USA and Singapore. The headquarters of Allianz Real Estate are located in Munich and Paris. Allianz Real Estate has approximately EUR 50 bn assets under management.
About Allianz Real Estate of America
Allianz Real Estate of America is responsible for equity and commercial mortgage loan investments in the Americas. Allianz Real Estate of America, based in New York, has a portfolio of over $14 billion (€13 billion) with its holdings diversified across more than 30 metro markets and property types spanning office, multi-family, retail and industrial.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.