Eight-property Walgreens portfolio in Louisiana receives $27.16 million in financing arranged by HFF

 DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged $27.16 million in financing for a portfolio of eight Walgreens drugstores in Louisiana.

Working on behalf of Stirling Properties, Inc., HFF managing director Kevin MacKenzie (middle right photo) placed the 4.92% fixed-rate securitized loan with Goldman Sachs Commercial Mortgage Capital, LP.  Loan proceeds will be used to retire the existing construction loans on the properties.

Completed between 2007 and 2010, the Walgreens properties total 116,070 square feet; an average of 14,509 square feet per store.  The properties are located in Lafayette, Denham, Ruston, Abita, Dutchtown, Gonzales, Broussard and Meraux.

“There was significant interest in this transaction due to the credit quality of the tenant, and the strength of the sponsorship.  While there were a wide variety of options for the financing, ultimately Goldman provided competitive terms and ran an extremely smooth closing process,” said MacKenzie.

Founded in 1975, Stirling Properties has more than 35 years of real estate experience in the Gulf South region. 

Headquartered in Covington, Louisiana, the firm employs more than 350 people in 16 offices throughout Louisiana and Mississippi in its acquisitions, asset management, commercial brokerage, development/redevelopment, property and facility management and residential brokerage operations.

Contacts:                          

Kevin C. Mackenzie, HFF Managing Director,  (214) 265-0880,  kmackenzie@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

krmurphy@hfflp.com