HOUSTON — HFF has arranged $60.7 million in post-closing acquisition financing for Galleria Place, two Class A office buildings totaling 401,000 square feet, plus a standalone retail site across from the Galleria Mall in Houston. HFF arranged the loan on behalf of the borrower, LPC Realty Advisors I, an affiliate of Lincoln Property Co. LPC Realty Advisors closed the loan on behalf of a pension fund client. HFF placed the three-year, floating-rate, interest-only loan with ACORE Capital. HFF also arranged the sale of the property earlier in 2015. Galleria Place consists of Galleria Place I, an 11-story, 217,006-square-foot office building; Galleria Place II, a 10-story, 178,468-square-foot office building; Sage Plaza, a 5,797-square-foot retail building fully leased to a local high-end salon and tailor; Regions Bank, a single-story bank branch and drive-thru connected to Galleria Place I and included in its square footage; and two parking garages totaling 1,361 spaces. Galleria Place is 53 percent leased to tenants including Just Energy and IHS. The properties occupy six acres bounded by Sage and Westheimer roads and West Alabama Street directly across from the Houston Galleria shopping and dining district. Susan Hill led HFF’s debt placement team representing the borrower.
Galleria Place includes two Class A office buildings totaling 401,000 square feet, plus a standalone retail site across from the Galleria Mall in Houston.
109
previous post