HFF Secures $47M Financing for Austin Shopping Center
- Sep 30, 2016
by Evelina Croitoru
Austin, Texas—HFF has arranged $47.7 million in post-acquisition financing for Broadie Oaks, a grocery-anchored shopping center and office building in Austin, Texas.
The 322,599-square-foot building situated on 30.34 acres at 4006 S. Lamar Blvd. was 92 percent leased at the time of the deal. The property comprises 285,044 square feet of retail and a 37,546-square-foot office building known as Broadie Oaks Professional Plaza.
The shopping center is home to tenants including Hobby Lobby, Neiman Marcus Last Call, Olive Garden, Performance Bicycle and Starbucks, among many others. The asset is in close proximity to Austin’s business district, at the confluence of some of the city’s most highly-trafficked lanes.
Earlier this year, HFF worked on behalf of the former owner and closed the sale of the property to Lionstone Investments. Senior managing directors Jim Batjer and Barry Brown led the property sale transaction. Managing Director Colby Mueck, Director Kyle Spencer and Associate Director Matthew Putterman of HFF represented the debt placement team working on behalf of the borrower and secured the 10-year, floating-rate loan with JPMorgan Chase Bank.
Image via Google Street View