HOUSTON, TX, July 15, 2013– HFF announced today the sale of Neuhaus Tower, a 17-story, 242,693-square-foot office tower in McAllen, Texas.
HFF represented the seller, an affiliate of Brookfield Asset Management, Inc. Cielo Realty Partners purchased the property for an undisclosed amount free and clear of existing debt. HFF also arranged acquisition financing on behalf of the buyer.
The tower is located at 200 South 10th Street in McAllen’s central business district. Built in 1982, the Class A property is leased to multiple tenants and is anchored by JPMorgan Chase Bank. Situated on 9.09 acres, the property is the tallest office building in the Rio Grande Valley.
The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Trent Agnew.
HFF’s debt placement team was led by associate director Corby Chaffin.
Cielo Realty Partners was formed in 2010 by Bobby Dillard and Rob Gandy with a focus on commercial real estate development and acquisitions. Cielo’s acquisition strategy focuses on opportunistic investments in assets that have the potential to be repositioned so that value can be created in the project. Since inception, Cielo and its subsidiaries have acquired more than $75 million in real estate assets including multiple retail centers, office buildings and infill land across Texas. The principals of Cielo have collectively developed and acquired more than four million square feet of commercial real estate, with a total project cost of more than $500 million.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.