News
HFF LINES UP BIG LOAN
November 20, 2012
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| Lots of buyers wanted in, but it took someone with a working knowledge of Aurora to buy one of the largest mixed-use developments in the area. Here's HFF’s Eric Tupler on his annual Turkey Day trip, where we spoke to him on his way to Maui. Eric (along with HFF’s Travis Anderson) helped secure a loan for Northwood Investors to buy the 900k SF Southlands Town Center project in Aurora with a five-year loan from CIBC World Markets for an undisclosed sum. BlackRock sold the property for $102M, according to reports. | |
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| Southlands has 730k SF of retail (and 130k SF of office), with tenants such as AMC Theaters, Victoria’s Secret, Bed Bath & Beyond, Sports Authority, and Barnes & Noble. Yet despite the stellar lineup, it’s still 20% vacant, Eric tells us. (Plenty of room for that magic store we've been trying to open for years.) And that makes this a value-add play. With a five-year loan, Eric says Northwoods has a good chance of reaping the benefit of additional leasing. |
