410K SF Fort Bend Retail Center Changes Hands
HFF closed the sale and secured $38.2M in acquisition financing for First Colony Commons, a 410K SF retail center with multiple big-box tenants in Sugar Land. HFF represented the seller, Covington Realty Partners. TriGate Capital purchased the property for an undisclosed price. The asset is 99% leased to a variety of big-box and national retailers, including The Home Depot, Babies "R" Us, Office Depot, Michaels, Conn’s and Tuesday Morning.
HFF’s investment sales team was led by senior managing directors Rusty Tamlyn and Ryan West. HFF’s debt placement team was led by director Jim Curtin. On behalf of the new owner, HFF placed the five-year, floating-rate, non-recourse loan with a five-year extension option with NexBank SSB.