HFF Ramps UP L.A. Area Activity, Completes Financing Deal, Property Sale
- Sep 14, 2013
As the local market continues to improve, commercial real estate capital intermediary Holiday Fenoglio Fowler has ramped up its involvement in Los Angeles and Orange County. The company recently closed the sale of a Newport Beach office asset to a Goldman Sachs Asset Management-controlled fund, while on the financial front, HFF arranged refinancing for a shopping center located in Burbank, worth a total of $11.24 million. The retail property is under the ownership of a joint venture between GPI and KBS Capital Advisors.
The Class A office building in Newport Beach is Newport Plaza, an asset that HFF had marketed on behalf of former owner, Equity Office. Built in 2000, the property is located at 895 Dove Street, offering close proximity to O.C. John Wayne Airport, as well as State Route 73 and 55 and Interstate 405. The 107,472-square-foot office property was sold to the GSAM-managed fund free and clear of existing debt. Currently serving as the HQ of law firm Newmeyer & Dillion LLP, the building has an occupancy rate of 98 percent.
On the retail front, HFF recently announced the completion of a financing deal secured for The Burbank Collection, a 39,400-square-foot retail center. Its placement benefits greatly from close proximity to one of the hottest entertainment industry hubs in the country with NBC, Warner Bros. and Disney studios located minutes away from the property. The 2008-built facility is shadow-anchored by an AMC Theatre, as well as IKEA and Macy’s. Top names on the shopping center’s tenant roster feature Barney’s Beanery, Skechers, Pinkberry and Johnny Rockets. The three-year, 2.53 percent, floating-rate loan was funded with the help of a regional bank.
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