HOUSTON — Holliday Fenoglio Fowler, L.P. (HFF) has closed the sale of First Colony Commons, a 410,121-square-foot retail power center anchored by multiple big-box tenants in Sugar Land, a suburb southwest of Houston.
HFF represented the seller, Covington Realty Partners, a Chicago-based investment firm.
Dallas-based TriGate Capital acquired the property for an undisclosed amount. Working on behalf of the new owner, HFF arranged a five-year, floating-rate, non-recourse acquisition loan with a five-year extension option through NexBank SSB. Total acquisition financing amounted to $38.2 million.
First Colony Commons sits on 37.85 acres at 15201–15555 Southwest Freeway and is 99 percent leased to a mix of big-box and national retailers, including The Home Depot, Babies”R”Us, Office Depot, Michaels, Conn’s and Tuesday Morning. The center is located at the intersection of Highway 59/Interstate 69 and Williams Trace Boulevard, an area that serves approximately 239,321 vehicles per day.
The retail center lies just north of the confluence of Highways 59 and 6, the primary corridors connecting Houston and Sugar Land. Sugar Land is roughly 20 miles southwest of downtown Houston and anchors the heart of Fort Bend County, one of the fastest-growing counties in the U.S. Within a three-mile radius of First Colony Commons live more than 85,000 residents with an average household income exceeding $134,000, supporting strong consumer demand for the center’s tenants.
HFF’s investment sales effort was led by senior managing directors Rusty Tamlyn and Ryan West.
“This power center included many moving parts that created complexity for buyers and lenders,” Tamlyn said. “TriGate was able to work through those issues and sees potential value‑add opportunities going forward.”
HFF’s debt placement team was led by director Jim Curtin.
April 17, 2017 Realty News Report Copyright 2017