HFF announces $57.2M in financing for four mixed-use/office properties in Santa Monica, California
LOS ANGELES, CA – December 19, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces $57.2 million in financing for two mixed-use properties and two creative office assets totaling 126,598 square feet in Santa Monica, California. The properties are located at 401 Santa Monica Boulevard, 1347 4th Street, 625 Arizona Avenue and 2415 Michigan Avenue.
The HFF team worked on behalf of the borrower, Lionstone Investments, a data-analytics driven real estate investment firm, to secure a 15-year, 3.74 percent, fixed-rate refinancing for 625 Arizona, 401 Santa Monica Boulevard and 1347 4th Street through Principal Real Estate Investors. Principal provided a 15-year, floating-rate loan for 2415 Michigan Avenue.
The 95-percent-leased portfolio is situated in the heart of Santa Monica and all of the properties are within walking distance of the 26th/Bergamot Expo Line station, within close distance of Interstate 10 and less than a five-minute drive from Santa Monica Airport. Additionally, they are all located a few blocks from the Third Street Promenade, a highly trafficked pedestrian street mall between Broadway and Wilshire. 401 Santa Monica and 1347 4th Street comprise 50,000 square feet of creative office space above 20,000 square feet of ground floor retail. Major tenants include Air Map Inc, the Bedford Falls Company, Sweetgreen and Bolthouse Farms. 625 Arizona is a 17,600-square-foot, single-tenant creative office space leased to Picture Head. 2415 Michigan comprises 39,989 square feet of creative office space and is fully leased to Headspace, Shade VFX and Mistress Creative.
The HFF debt placement team representing the borrower included managing director Mark Wintner.
Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Lionstone Investments
Lionstone Investments is a data-analytics driven real estate investment firm that conceptualizes, analyzes, and executes national investment strategies using proprietary algorithms and advanced analytics to understand the changing ways people in America want to live and work—Places for Productive People.® Lionstone Investments is a registered investment adviser subsidiary of Columbia Management Investment Advisers, LLC. For more information, please visit lionstoneinvestments.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $74.9 billion in commercial real estate assets*. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
*As of 30 September 2017
HFF and its affiliates operate out of 25 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 advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.