HFF Closes Self-Storage, Office Sales in Texas
- Aug 01, 2008
Holliday Fenoglio Fowler L.P. has closed two substantial deals with Texas roots, it has reported. Its Houston-based self storage group completed the sale of a 21-property self storage portfolio with facilities in Florida, Texas, Colorado, Kentucky and Ohio. And its Dallas office announced that it had finalized the sale of the Pyramids at Park Lane in that city. HFF represented the seller, Hendry Investments, a San Antonio, Texas, company with storage facilities operating under the Lock-N-Key brand, which sold the properties to Sovran HHF Storage Holdings L.L.C., a joint venture between self storage real estate investment trust Sovran Self Storage Inc. and an affiliate of real estate management firm Heitman L.L.C. The properties will be branded under Sovran’s Uncle Bob’s Self Storage name. The 1.62 million-square-foot portfolio was brought to market in 2007 by Houston-based Storage Investment Advisors, which subsequently integrated operations with HFF in February, 2008. The properties’ sale price was $144 million. Prudential Mortgage Capital Co. provided the deal’s new debt. Also in HFF news, its Dallas office closed the sale of the Pyramids at Park Lane, a two-building, 291,400-square-foot Class A office complex in Dallas. The firm’s investment sales team represented the seller, an affiliate of Goddard Investment Group L.L.C. Healthcare Realty Trust purchased the property. The towers site on a 6.6-acre site, adjacent to NorthPark Center and close to Presbyterian Hospital, Medical City and Baylor University Medical Center. The structure consists of the 145,400-square-foot North Tower and the 146,000-square-foot South tower plus a six-story, 977-space parking garage. Together the properties are 98 percent leased.