HFF closes sale of and arranges financing for Greater Boston area grocery-anchored shopping center
BOSTON, MA – July 6, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged financing for Hood Commons, a 208,805-square-foot, grocery-anchored shopping center in Derry, New Hampshire.
HFF marketed the property on behalf of the seller, NG Hood Commons LLC, and procured the buyer, an affiliate of New York-based Northeast Capital Group. Additionally, HFF assisted the new owner in securing a 70 percent loan-to-value, 3.79 percent, 10-year, fixed-rate acquisition loan with additional good news fundings.
Hood Commons occupies a 23-acre site at 55 Crystal Avenue in Derry, New Hampshire, a bedroom community just 32 miles north of Boston. Fronting the heavily traveled Route 28, the property has daily traffic counts of 15,000 cars per day and has a five-mile demographic profile of nearly 60,000 people with an average household income of more than $90,000. The property is two miles from Interstate 93, allowing the site to draw from a broad geographic region including communities in both northern Massachusetts and southern New Hampshire. Renovated in 2015, Hood Commons is 86 percent leased to tenants including Shaw’s Supermarket, Big Lots, Tractor Supply Co., Planet Fitness and Sally Beauty.
The HFF investment sales team representing the seller was led by senior managing director Jim Koury.
HFF’s debt placement team was led by director Porter Terry.
About Northeast Capital Group
Northeast Capital Group (NECG) is a private equity investment group, which is based in New York’s Rockland County and led by founder and CEO Joel Kiss. NECG looks to invest in stable and value-add commercial real estate with an emphasis on well-located anchored shopping centers in primary and secondary markets around the country. NECG specifically seeks out properties that are fundamentally strong with superb market position/location, property access and national/credit tenancy, but have significant value-add opportunities through lease up of vacancies, long-term renewal of tenants, or raising rents by enhancing and upgrading the properties.
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.