August 31, 2016
HFF secures $23.275 million financing for grocery-anchored retail power center in Wilson, North Carolina
CHARLOTTE, NC – August 31, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $23.275 million in acquisition financing for Heritage Crossing, a 311,030-square-foot, fully-occupied, grocery-anchored retail power center in Wilson, North Carolina.
HFF worked on behalf of the borrower, a partnership between Collett Capital, Return Holdings and SilverCap Partners, to place the five-year, floating-rate loan with Bank of North Carolina. Loan proceeds were used to purchase the property.
Completed in 2006, Heritage Crossing is anchored by Harris Teeter, Ross Dress for Less, Marshalls, Best Buy, Belk, Bed Bath & Beyond and PetSmart and is shadow-anchored by Target. The 100-percent-leased retail center is also home to national and regional tenants, including Starbucks, Rue 21, Five Below, Payless, Kay Jewelers, Moe’s Southwest Grill, Subway, AT&T Wireless, Cato and GNC. Heritage Crossing is located at 3401 Raleigh Road Parkway West in Wilson, a community approximately 50 miles east of downtown Raleigh and 40 miles west of Greenville. The center is situated at the heavily-trafficked intersection of Raleigh Road Parkway and Airport Boulevard, which has a combined traffic count of more than 40,000 vehicles per day.
The HFF debt placement team representing the borrower was led by senior managing director Travis Anderson and associate director Cory Fowler.
“Proven by its strong national tenant lineup and 100-percent occupancy, Heritage Crossing is regarded by many as the best location in town, as it is positioned along two major thoroughfares with excellent visibility,” said Fowler. “This strong partnership and asset will be further enhanced by Collett’s unique understanding of the property’s strengths and previous working relationships with the tenants, as Collett developed the center in 2006.”
About Collett Capital
Collett Capital is a privately owned acquisition platform under the Collett real estate umbrella that focuses on acquiring undervalued community shopping center investment opportunities throughout the existing Collett development footprint, and southeastern real estate assets with existing cash flow and the potential for long-term capital appreciation. Learn more at www.collettcapital.com.
About SilverCap Partners
SilverCap Partners is a real estate private equity firm focused on the southeastern United States. The firm's expertise crosses multiple property sectors with a predominant focus on industrial, retail and office investments. Visit silvercappartners.com for more information.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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 hfflp.com or follow HFF on.