HOUSTON–(BUSINESS WIRE)–Apr 5, 2019–HFF broadcasts that it has closed the sale of a 3-property workplace portfolio totaling 544,291 square feet in an urban infill vicinity adjacent to a number of Houston’s maximum prestigious residential neighborhoods, such as Tanglewood and Memorial Villages.
HFF advertised the property on behalf of the vendor, a partnership led via Unilev Capital Corporation, and procured the consumer, CapRidge Partners, LLC. Additionally, HFF labored on behalf of the consumer to relaxed the four-year, floating-fee acquisition/bridge financing via New York Life Real Estate Investors on behalf of New York Life Insurance Company.
The portfolio contains 1616 Voss, 7500 San Felipe and 6363 Woodway, which are placed west of Houston’s Galleria place. The three assets are walkable to an abundance of retail amenities, such as Whole Foods, Kroger, Trader Joe’s and numerous eating options. Additionally, the portfolio is proximate to Houston Country Club, one of Houston’s oldest and maximum prestigious usa golf equipment.
The portfolio will go through an extensive renovation and repositioning with kind of $15 million allotted across the three homes. These upgrades will include extensive upgrades to building structures, complete common location enhancements and revolutionary tenant-centric services. The portfolio will be leased with the aid of Craig McKenna and Matthew Asvestas with Stream Realty Partners.
Dan Terpening, director at CapRidge Partners, stated, “We are excited to enlarge CapRidge Partners’ presence within the dynamic Houston marketplace. The portfolio affords a excellent opportunity to feature fee with the aid of utilizing our disciplined funding enjoy and operational excellence.”
The HFF investment advisory group representing the vendor blanketed senior coping with director H. Dan Miller, senior director Martin Hogan and analyst Johnny Kight.
HFF’s debt placement crew representing the new proprietor changed into led through dealing with director Jim Curtin and senior managing director Andy Scott.
Holliday GP Corp. (“HFF”) is a Texas licensed real property broker.
About Unilev Capital Corporation
Unilev Capital Corporation is a privately held actual property investment business enterprise that still invests with a choose, confined institution of private and institutional partners to collect nicely-positioned, profits-producing commercial homes with each a brief-term opportunistic method and a protracted-time period, low-threat investment horizon. Unilev’s Houston portfolio consists of Galleria Towers I and II, Galleria Financial Center, One and Three Riverway and other office and retail homes.
About CapRidge Partners
CapRidge Partners is a totally integrated funding control and running employer centered on value-add office residences in 9 select U.S. Markets, along with Houston. Their strategy is to acquire nicely-positioned assets, underneath alternative cost, that offer opportunities to add value by supplying proactive control, delivering stronger customer service and wellbeing services, leasing to stabilized occupancies, marking-to-marketplace expiring leases, and completing capital projects. Since 2012, CapRidge has purchased 33 office buildings.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a completely-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ internet site at http://www.Newyorklife.Com/realestateinvestors for greater facts.
New York Life Real Estate Investors is a full carrier, absolutely-integrated real property business enterprise with greater than 100 experts. The division has marketplace-leading talents in origination, underwriting and investment in real estate fairness products and related debt, including actual estate fairness investments, commercial mortgage loans, business mortgage subsidized securities and unsecured REIT bonds. With over $54.5 billion in assets underneath management as of December 31, 2018*, New York Life Real Estate Investors is actively seeking to gather extra properties at some point of the U.S.
Real Estate Investors AUM of $54.5B is gross and includes AUA ($1.6B), and debt ($zero.6B) as of 12/31/18. Net AUM for Real Estate Investors is $fifty three.9B as of 12/31/18.
About New York Life
New York Life Insurance Company ( www.Newyorklife.Com ), a Fortune a hundred corporation founded in 1845, is the largest mutual existence insurance employer in the United States* and one in every of the biggest lifestyles insurers within the world. Headquartered in New York City, New York Life’s circle of relatives of groups gives life coverage, retirement income, investments and long-time period care coverage. New York Life has the highest monetary power rankings presently offered to any U.S. Lifestyles insurer from all 4 of the important credit score score agencies**.
*Based on revenue as reported by using “Fortune 500 ranked inside Industries, Insurance: Life, Health (Mutual),” Fortune mag, 6/1/18. For technique, please see http://fortune.Com/fortune500/.
**Individual unbiased rating corporation statement as of 7/30/2018: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+)
HFF and its affiliates operate out of 26 workplaces and are a main company of industrial real property and capital markets offerings to the global commercial actual property industry. HFF, collectively with its associates, gives clients a completely incorporated capital markets platform, which include debt placement, funding advisory, fairness placement, finances advertising, M&A and company advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. And HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For greater data, please go to hfflp.Com or follow HFF on Twitter @HFF.