HFF arranges $180M credit facility on behalf of a programmatic joint venture between Bixby Land Co. and an institutional partner

NEWPORT BEACH, CA – December 19, 2018 – HFF announces that it has arranged a $180 million credit facility on behalf of a programmatic joint venture between Bixby Land Co. and an institutional partner.  The initial closing of $48.875 million was used to finance a four-building, Class A industrial portfolio totaling 982,493 square feet in San Bernardino and Sacramento, California, and Phoenix, Arizona.

The HFF team worked on behalf of the partnership it previously assisted in forming, whose strategy is to acquire core and core-plus industrial properties throughout the Western U.S.  The seven-year, full-term, interest-only facility was arranged with a correspondent life insurance company and provides the partnership the ability to add assets for up to 24 months and the flexibility to fix or float the interest rate.  In addition, it has various attractive features, including flexible prepayment, substitution and release provisions.  HFF will service the facility and the remaining capacity will be used to acquire additional industrial properties throughout the Western U.S.

The initial assets comprise two California and two Phoenix, Arizona, properties. The California properties are the 104,500-square-foot, Class A property at 19949 Kendall Drive in San Bernardino and the 387,420-square-foot building located at 3510 Carlin Drive in West Sacramento.  The Phoenix properties consist of Canal Crossing Logistics Center, a 155,114-square-foot building at 5670 South 32nd Street, and Riverside@ 51st Avenue, a 335,459-square-foot building at 2300 South 51st Avenue.

The HFF debt placement team representing Bixby Land Co. included executive managing director Kevin MacKenzie and senior director Brian Torp.   

Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

Holliday GP Corp. ("HFF") is a commercial mortgage banker licensed with the Arizona Department of Financial Institutions, License Number CBK 0950288 and NMLS Number 1524298.         

About Bixby Land Company
Bixby Land Company is a leading commercial real estate operator and investment manager with a portfolio of industrial, office and R&D properties of approximately $1 billion. The company invests in core industrial properties and develops office and R&D properties, all in select Western U.S. markets.  For 120 years, Bixby Land Company has been committed to adding value for its investors and shareholders. bixbyland.com

About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.  HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information, please visit hfflp.com or follow HFF on Twitter @HFF.


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