HFF closes sale of and arranges acquisition financing for mixed-use grocery-anchored retail center in Chicago’s Near North Side
CHICAGO, IL – January 18, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for Broadway at Surf, a 134,285-square-foot, multi-level, grocery-anchored retail center at the conflux of Chicago’s Lincoln Park and Lakeview neighborhoods.
HFF worked on behalf of the seller, Invesco. A joint venture partnership between Intercontinental Real Estate Corporation, on behalf of its managed fund, U.S. Real Estate Investment Fund, LLC, and Fairbourne Properties, LLC purchased the asset. Working on behalf of the new ownership, HFF also placed the acquisition loan with Nationwide Real Estate Investments.
Broadway at Surf is situated on 1.34 acres in the affluent Lincoln Park neighborhood of Chicago. More than 419,400 residents living within a three-mile radius of the property earn an average annual household income of more than $111,000, exceeding both the Chicago MSA and the Midwest average household income. Broadway at Surf is a three-level retail center anchored by Walmart Neighborhood Market, Bed Bath & Beyond, T.J.Maxx and Fitness 19. The 97.3-percent-occupied center also includes 125 parking spaces on the roof-top level.
The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell.
The HFF debt placement team representing the new owners was led by managing director Timothy Joyce and associate director Christopher Knight.
According to HFF, the premier location of Broadway at Surf and the exceptional credit of the property’s tenant roster were very well received by the lending community. This combination ultimately led to very attractive financing terms for Intercontinental and Fairbourne.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with over $71.3 billion in real estate assets under management, 441 employees and 21 regional offices across the U.S., Europe and Asia. The firm was established in 1983 and has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a subsidiary of Invesco Ltd., (NYSE: IVZ), one of the largest investment management firms in the world with $779.6 billion in assets under management and on-the-ground presence in 25 cities worldwide. Information as of June 30, 2016.
About Intercontinental Real Estate Corporation
Intercontinental Real Estate Corporation (Intercontinental) is an SEC-registered investment adviser with deep expertise in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, and owned over $10 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $6 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit intercontinental.net for more information.
About Fairbourne Properties, LLC
Fairbourne Properties is a full service real estate investment and property management company focusing on retail and office real estate investments throughout the United States. Fairbourne invests in the full investment spectrum from core and core plus to value-add and opportunistic assets. Fairbourne invests both for of its own account and in joint venture with institutional partners.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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.