HFF closes sale of Centre at Cypress Creek in Houston

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Printer-friendly versionPrinter-friendly version  HOUSTON, TX - April 1, 2014 – HFF announced today that it has closed the sale of Centre at Cypress Creek, a four-building office and industrial complex totaling 465,716 square feet in northwest Houston, Texas. HFF marketed the properties on behalf of Principal Real Estate Investors. SG Cypress Real Estate Ventures purchased the assets for an undisclosed amount, free and clear of existing debt. Coventry Investment Group, Inc. and Coventry Realty Advisors acted as consultant to SG on the transaction. Centre at Cypress Creek is comprised of three office buildings totaling 220,622 square feet located at 20455, 20465, 20475 State Highway 249, and a 245,094-square-foot flex industrial/office property at 11777 Compaq Center Drive. The office space is 93.6 percent leased to tenants including Gexa Energy, FoxConn, Intel Americas, and Noble Energy and the industrial space is fully occupied by FoxConn. Building amenities include three parking garages, a cafeteria, auditorium, jogging trails and picnic areas. The Centre at Cypress Creek is located within the former HP Compaq Computer Campus, a 300-acre office park fronting Highway 249 in northwest Houston. The HFF investment sales team representing the seller was led by senior managing directors Rusty Tamlyn and Jeff Hollinden. Principal Real Estate Investors manages or subadvises $48.7 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. Coventry is a full service real estate company with expertise in the acquisition and operation of Class A and B office buildings for pension funds, institutional investors and private equity sources. Over the course of 30 plus years, Coventry has owned and operated, or developed, 22 buildings and more than 4.5 million square feet of office space, primarily in Texas. Additionally, Coventry has managed, on a third party basis, an additional 3.4 million square feet of commercial real estate. HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 22 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.

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