HFF announces $159.2M recapitalization
Holliday Fenoglio Fowler announced the $159.2 million recapitalization of a fully leased, mission-critical 11-property industrial portfolio totaling 2.77 million square feet in 7 states, including two in Illinois in Huntley and Elgin.
The HFF team represented the seller, a joint venture between Brennan Investment Group, Arch Street Capital Advisors, LLC and Gatehouse Financial Group Limited, and the buyer, a new joint venture between Brennan Investment Group and GCC-based Sidra Capital. Additionally, working on behalf of the new owner, the HFF team secured and will be servicing a 67-percent LTV, 10-year, fixed-rate loan with Goldman Sachs.
The portfolio, known as USIPA, comprises properties in markets in and around Atlanta, Georgia; Chicago, Illinois; Detroit, Michigan; Minneapolis, Minnesota; Akron and Cincinnati, Ohio; Philadelphia, Pennsylvania; and Dallas, Texas. The locations in Illinois are at 13701 George Bush Court, Huntley and 1717 Gifford Road, Elgin.
The portfolio, which is situated on a total of 199.9 acres, is triple net leased to nine tenants and features single-tenant buildings ranging from 90,000 to 578,000 rentable square feet with clear heights from 17 to 34 feet and an average of 13.2 percent office finish.
The HFF debt and equity placement team included managing directors Claudio Sgobba, based in London, and Christopher Carroll, based in Chicago, and senior directors Robin Stolberg and Kurt Sarbaugh, based in Chicago, along with managing director Matthew Schoenfeldt, a licensed Michigan real estate broker, and managing director Jules Sherwood, a licensed Minnesota real estate broker.
"We are pleased to support the previous and new ownership," Sgobba said. "