HFF closes sale and arranges financing for Plaza at Solana mixed-use development in Westlake, Texas
DALLAS, TX – July 21, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for Plaza at Solana, a three-building office and retail mixed-use development in the suburban Dallas community of Westlake, northwest of Dallas/Fort Worth International Airport.
HFF marketed the property on behalf of the seller, Equity Office. Harbert Management Corporation purchased the asset for an undisclosed amount. Additionally, HFF worked on behalf of the new owner to secure the five-year, fixed-rate acquisition loan with one two-year extension through LegacyTexas Bank.
Plaza at Solana is positioned at 1301 Solana Boulevard within Solana Business Park, a mixed-use business park featuring offices, a Marriott hotel, Larry North Fitness Club, retail, restaurants and jogging trails. The asset’s location at the intersection of Solana Boulevard and State Highway 114 allows for access to the entire north Texas region via State Highway 114, U.S. Route 377 and Interstate 35. The property is proximate to Dallas/Fort Worth International Airport, Southlake Town Square and three of Dallas-Fort Worth’s top-four suburbs. The buildings total 359,873 square feet and are leased to a variety of tenants, including Wells Fargo, Verizon Wireless, Audatex, Echo Locum Tenens, Pfizer, Western & Southern Life Insurance Company and Midwest Hospitality.
About Equity Office
Equity Office is one of the largest and most well-respected commercial real estate firms in the nation, with a portfolio encompassing 70 million square feet of Class A office space under management in superior locations throughout the country. For more information, visit www.equityoffice.com.
About Harbert Management Corporation
Harbert Management Corporation (HMC), an alternative asset management firm with approximately $4.3 billion in Regulatory Assets Under Management as of April 30, 2016, is a privately-owned firm formed in 1993 to sponsor alternative asset investment funds. HMC serves foundations and endowments, funds of funds, pension funds, financial institutions, insurance companies, family offices and high net worth individuals across multiple asset classes. Investment strategies include European and U.S. real estate, seniors housing, European and U.S. growth capital, mezzanine debt, independent power, U.S. private equity and public securities. Beginning in 1985, HMC’s predecessor organization, Harbert Corporation, and subsequently HMC’s sponsored funds, have owned, developed and managed commercial properties throughout Europe and the U.S. HMC employs a hands-on approach focused on value creation through operational management and targets institutional quality properties, typically with in-place cash flows. Additional information about HMC can be found at www.harbert.net.
About LegacyTexas Bank
LegacyTexas Financial Group, Inc. (NASDAQ: LTXB) is the holding company for LegacyTexas Bank, a commercially oriented community bank based in Plano, Texas. LegacyTexas operates 45 banking offices in the DFW Metroplex and surrounding counties. CRE specialties include non-recourse, fixed rate, competitively leveraged and priced term loans on existing, cash flowing, multi-tenant properties and value-add bridge loans. For more information, visit www.LegacyTexas.com.
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.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.