HFF announces financing for Entrada Partners’ acquisition of a 7-property office and industrial portfolio in the Dallas area
DALLAS, TX – August 16, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the financing of a seven-property office and industrial portfolio totaling 508,840 square feet in the Dallas-Fort Worth MSA.
The HFF team worked on behalf of the borrower, Entrada Partners, to place the three-year, floating-rate, non-recourse loan with two one-year extension options with Bank of America Merrill Lynch. Proceeds of the loan were used to purchase the assets and fund future capital and tenant improvements for new leasing.
The portfolio comprises six office assets and one industrial asset completed between 1983 and 1987. The office properties consist of two Irving properties, Counterpoint at Las Colinas at 8101 and 8113 Ridgepoint Drive in the East DFW Airport/Las Colinas submarket and Sterling Tech Center at 7801, 7803 and 7805 Mesquite Bend Drive in the DFW Freeport/Coppell submarket; two Dallas properties in the West Hines North submarket, Dallas Tech Center at 10005, 10015, 10025 and 10105 West Technology Boulevard and Westwood Business Park III at 1805 Royal Lane; one property in Richardson, International Corporate Park II at 401, 403, 405, 407 and 409 International Boulevard in the Richardson submarket; and one Farmers Branch property, Valwood XII at 13701 Hutton Drive in the North Stemmons/Valwood submarket. The industrial property, International Corporate Park III, is located at 900 Alpha Drive and 500 Industrial Drive in Richardson within the Richardson submarket.
The HFF debt placement team representing the borrower included director De’On Collins.
“We are excited to expand our office, flex and industrial presence in the market in order to be part of the booming corporate tenant demand,” said Entrada Partners founder, Reuben Berman.
According to CoStar, The Dallas-Fort Worth Metroplex has an unemployment rate of 3.8 percent and continues to add 317 jobs per day. DFW continues to be ranked in the top 10 largest office markets in the United States, and the occupancy rate has remained higher than 85 percent since 2014. The Dallas flex market is the largest market in the U.S. by rentable building area at 133 million square feet and remains 93.7 percent occupied.
The Dallas-Fort Worth industrial market is the fourth largest in the United States, containing approximately 864 million square feet of buildings as of the end of the second quarter 2017. The market-wide occupancy rate was 93.5 percent and continues to show strong signs of improvement with expansions, solid retention and new move-ins to the market.
About Entrada Partners
Founded in 2005, Entrada Partners is an entrepreneurial, value add real estate company that is currently focused on acquiring industrial, flex and single-story office properties throughout Dallas, San Antonio and Austin, Texas. The firm’s mission is to provide a high level of service to its tenants and superior risk-adjusted returns to its investors, with an emphasis on integrity and professionalism. Learn more at entradapartners.com.
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.