HFF arranges $80 million acquisition financing for BLVD Place in Houston, Texas
HOUSTON, TX – June 19, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged financing for BLVD Place, a 216,692-square-foot, mixed-use retail and office project with 1.42 acres of additional developable land in the Uptown District/Galleria area of Houston, Texas.
HFF worked on behalf of the borrower, Whitestone REIT, to secure the 10-year, fixed-rate loan. HFF also represented the seller, a partnership of San Francisco-based Bailard, Inc. and Wulfe & Co, in the sale of BLVD Place.
Anchored by Whole Foods, BLVD Place is the only grocery-anchored, major mixed-use
development in Houston. The project is 99.2 percent occupied and home to a diverse mix of tenants, including Frost Bank, Post, The Boardroom, Verizon, Elaine Turner, Sozo Sushi and True Food. Included in the purchase of BLVD Place is approximately 1.4 acres of developable land that will give the borrower the ability to build an estimated 137,000 square feet of additional leasable space. Located at 1700 Post Oak Boulevard in the epicenter of Uptown Houston, BLVD Place is in one of the largest business districts in the United States and has immediate access to Loop 610, US-59 and Westpark Tollway. It is proximate to River Oaks, Tanglewood, West University Place, Memorial Village and Bellaire, some of Houston’s most prestigious and affluent neighborhoods. More than 173,193 residents earning an average annual household income of $120,037 live within a three-mile radius of the property.
The HFF debt placement team representing the borrower was led by senior managing director Matt Kafka and director Kelly Layne. Kafka was also involved in brokering the sale of the property along with senior managing directors Wally Reid, Rusty Tamlyn and Ryan West, managing director Davis Adams and director Trent Agnew.
“The transaction had a short time frame and several complicated moving parts but everyone involved performed flawlessly,” Kafka said.
“The iconic nature of this real estate had capital in a frenzy when the perception of the Houston market was at its lowest,” West added. “This was clearly one of those rare opportunities to capitalize on owning one of the highest-profile corners in the fourth largest city in the country. We commend Whitestone for their recognition of this opportunity.”
About Whitestone REIT
Whitestone is a community-centered retail REIT that acquires, owns, manages, develops and redevelops high quality “E-commerce resistant” neighborhood, community and lifestyle retail centers principally located in the largest, fastest-growing and most affluent markets in the Sunbelt. Whitestone’s optimal mix of national, regional and local tenants provides daily necessities, needed services and entertainment to the respective communities which are not readily available online. Visit whitestonereit.com for additional information.
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). 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. 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.