Holliday Fenoglio Fowler, L.P. (HFF) announces acquisition financing for Westgate I, a state-of-the-art, Class A office building totaling 248,707 square feet in West Houston.
The HFF team worked exclusively on behalf of Canada-based Nicola Crosby Real Estate to arrange a seven-year, 4.63 percent fixed-rate acquisition loan through Principal Real Estate Investors.
Westgate I is situated on 5.99 acres at 17220 Katy Freeway at the Barker Cypress exit in the heart of the Park 10 Business Center, a well-established, 550-acre business park, which accounts for more than one-third of the square footage in Houston’s Energy Corridor. The building is part of a three-building master-planned development totaling more than 660,000 square feet. The other two adjacent buildings, which are not part of this transaction, are 100 percent leased to Wood Group Mustang, Inc. Delivered in 2014, Westgate I has been designed to LEED Gold standards and features high-quality finishes, an upscale café, full fitness center and a five-level parking garage. The 95.7-percent-leased property is anchored by Subsea 7 and Atkins PLC, two global corporations with investment-grade credit that together occupy 68 percent of the building’s net rentable area. Additional tenants comprise a cross-section of industries, including energy, engineering, human resources, automotive and waste management.
HFF’s debt placement team representing the borrower consisted of managing director Cortney Cole.
About Nicola Crosby Real Estate
Nicola Crosby Real Estate, a subsidiary of Nicola Wealth Management Ltd., sources properties for the SPIRE Real Estate portfolios. For a complete listing of our portfolio please visit www.nicolacrosby.com.
About SPIRE Real Estate Portfolios
SPIRE Real Estate LP is an investment portfolio comprised of retail, industrial, office, multi-family, seniors and self-storage properties totaling 3.7 million square feet located in major Canadian markets. SPIRE US LP is an investment portfolio comprised of office, retail and industrial properties located in Seattle, San Francisco, Denver, Phoenix, Houston and Chicago. The portfolio also includes interests in over 14,000 multi-family apartment units located in the South and Southeast U.S. SPIRE Value Add LP is a new addition to the SPIRE and SPIRE US investment portfolios and focuses on generating returns through re-sale of investments in multiple projects using “value-add strategies.”
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $83.7 billion in commercial real estate assets*. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is a dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
*As of June 30, 2018, Principal Real Estate includes the companies of Principal Real Estate Investors LLC, Principal Real Estate Europe Limited, and Principal Enterprise Capital, LLC.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate 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 more information, please visit hfflp.com or follow HFF on Twitter @HFF.
