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5/07/08
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HG Capital LLC and Newport Real Estate Services Inc have joined forces in an industrial value-add venture in Phoenix. The partnership acquired a portfolio of 11 buildings, totaling 375k sf, which they intend to renovate and then lease. The buildings are all located near the intersection of the I-10 and I-17 highways in Phoenix and provide low cost space to local businesses.
HG provided substantially all of the equity for the transaction. The remainder of the project’s capitalization came from NRES co-investment and a loan from California National Bank. The project marks the sixth joint venture between HG and Newport, both based out of Orange County.
“The combination of the location with access to major highways and the limited supply of comparably priced space, makes these properties a great opportunity to satisfy the strong demand for cost-effective industrial space,” said HG Executive Vice-President, Andrew Jobst.
The renovation is focused on completing deferred maintenance and enhancing the functionality of the properties. It is scheduled for completion in the second quarter of 2008. Adam Hansen and Langdon Bridges of EBS & Associates are acting as the local leasing brokers for the project.
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