DALLAS – HFF announced today that it has closed the sale of a ground lease encumbering 106 urban natural gas drilling sites located in the Barnett Shale in North Texas, one of the largest producing onshore natural gas fields in the United States.
HFF marketed the sites on behalf of the seller, Fort Worth, Texas-based 111 Realty Investor, LP, and procured the buyer.
The sites were cross-collateralized and cross-defaulted under one single lease to Chesapeake Energy. The ground lease has 35 years of remaining lease term with five, five-year renewal options. Approximately 83 of the 106 sites have multiple producing wells in place today with future drilling opportunities on each of the properties for many years to come.
The HFF team representing the seller was led by senior managing director Mark West and managing director Coler Yoakam.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 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.comor follow HFF on Twitter at www.twitter.com/hff.