GFI Completes Refi of 22-Property Texas Retail Portfolio

Global Fund Investments now owns 100 percent of the Texas Retail Portfolio.

By Anca Gagiuc, Associate Editor

Texas Retail Portfolio, GFI
Texas Retail Portfolio, GFI

San AntonioGlobal Fund Investments of Florida, in a joint venture with Israeli insurance companies Migdal Insurance and Menora Mivtachim Insurance, acquired the remaining 51 percent interest in the “Texas Retail Portfolio,” becoming its sole owner. Along with the purchase, GFI secured a refinancing loan for the entire portfolio in the amount of $257.5 million. The funding was provided by TIAA CREF ($247.5 million) and Regions Bank ($10 million).

HFF arranged the $247.5 million refinancing portion of the loan. The debt placement team was led by Mike Tepedino, senior managing director, Michael Gigliotti, managing director, and Cameron Cureton, director. Loan proceeds were used to refinance existing debt and recapitalize the properties, which are 95.5 percent leased to approximately 414 tenants.

“TIAA-CREF provided a comprehensive financing solution to facilitate the recapitalization of a complicated 20-property portfolio,” Gigliotti said in prepared remarks. “GFI brings an impressive depth of experience and high level of institutional quality to the table, which attracted the lender to the transaction.”

Overall, the Texas Retail Portfolio totals 2.4 million square feet across 22 assets located in San Antonio, Houston and Dallas. The properties are anchored by four H-E-B, four Kroger, one Wal-Mart, one Tom Thumb, and one Albertsons grocery store. More than half of the retail centers are in Houston (13), eight are in Dallas, and one is located in San Antonio. Other anchors include Kohl’s, LA Fitness, Petco, 24 Hour Fitness, Glofsmith, TJ Maxx, Ross and Harbor Freight Tools. GFI has been managing and leasing the portfolio since 2007.

Image courtesy of GFI