HFF, Inc. (ticker: HF, exchange: New York Stock Exchange (.N))
News Release -
HFF Closes Sale of Nine-Property Texas Self Storage Portfolio
HOUSTON--(BUSINESS WIRE)--Oct. 26, 2009--
The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced
today that it has closed the sale of a nine-property self storage
portfolio located in Austin, Dallas, Houston and San Antonio, Texas.
HFF senior managing director Aaron Swerdlin and managing director Doug
McCarron led the investment sales team exclusively on behalf of the
seller. The portfolio was listed for $71 million. HSRE (Harrison Street
Real Estate Capital, LLC), of Chicago, purchased the portfolio for an
undisclosed price. HSRE's company model is to acquire as well as to
provide equity capital to developers and operators in the areas of real
estate related to education, healthcare and self storage.
"We were pleased to acquire such a strong performing portfolio of stores
with the benefit of excellent assumed CMBS debt," said Geoffrey Regnery,
vice president at HSRE.
The properties, which were built between 1994 and 1998, contain more
than 5,300 units and total 551,609 square feet. There are five
properties in Houston, two properties in Dallas, one property in Austin
and one property in San Antonio.
"The resiliency of the self storage product type in a recessionary
environment certainly was apparent by the multiple offers we had to work
with on this transaction. Augmented by the fact that all of the assets
were in Texas, one of the best performing states in the country, this
portfolio was extremely attractive to buyers with capital to invest in
self storage. We continue to see the product type outperform the broader
market, especially as the capital markets and the US economy
stabilizes," said Swerdlin.
HFF (NYSE: HF) operates out of 17 offices nationwide and is a leading
provider of commercial real estate and capital markets services to the
U.S. commercial real estate industry. HFF offers clients a fully
integrated national capital markets platform including debt placement,
investment sales, advisory services, structured finance, private equity,
loan sales and commercial loan servicing. www.hfflp.com.
Source: Holliday Fenoglio Fowler, L.P.
AARON A. SWERDLIN, 713-852-3500
HFF Senior Managing
M. MURPHY, 713-852-3500
HFF Associate Director, Marketing