HFF arranges $16.094 million in equity placement for development of North Dallas office building
DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $16.094 million equity placement for the development of Tollway Center, a 193,725-square-foot, Class A office building to-be-built in North Dallas.
HFF worked on behalf of Cawley Partners in securing the joint venture equity through USAA Real Estate Company’s Office Development Program. Total project capitalization is $50.041 million.
Due for completion in 2016, Tollway Center will be a six-story, Class A office building, which is currently 33 percent pre-leased. The building will feature a two-level parking structure, as well as a health club, café, rooftop terrace and conference center. Tollway Center is situated on a 6.56-acre site along the Dallas North Tollway just south of Belt Line Road in Addison.
The HFF equity placement team was led by director Adam Herrin, executive managing director Jody Thornton, and senior managing director Trey Morsbach.
About Cawley Partners
Cawley Partners is a family of companies that own, develop, manage and lease commercial real estate assets. The group seeks investment/development opportunities in commercial office properties with appreciation potential in markets where employment growth is anticipated to outpace supply growth over the foreseeable future. Cawley is able and willing to solve cosmetic and vacancy challenges by providing building upgrades and utilizing their leasing expertise. www.cawleypartners.com
About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.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.