SAN ANTONIO — ARA Newmark has arranged the sale of two garden-style apartment communities spanning 557 units in San Antonio. The value-add properties, Mirada and The Heritage, sold separately and were both 95 percent occupied at the time of sale. ARA Newmark’s Pat Jones and Matt Michelson represented the sellers, private limited partnerships affiliated with TriVest McNeil Real Estate. In the first transaction, California-based Regional Investment & Management added Mirada to its existing six-property portfolio in Texas. Built in 1995, the 252-unit property features a fitness center and pool. The Heritage marks the 12th Texas acquisition in recent years for Austin-based CFH Investment Partners. Constructed in 2005, the 305-unit property features a gymnasium-sized basketball and sport court, grill areas and a business center.
CHICAGO — HFF has arranged a $233.3 million construction loan for a 35-story office tower in Chicago’s West Loop. The John Buck Company will develop the Class A CNA Center at 151 N. Franklin St. The building will serve as the new world headquarters for CNA, an insurance organization and the principal subsidiary and operating company of CNA Financial. The tower will also house the national headquarters for Hinshaw & Culbertson LLP, an international law firm. The LEED Gold-certified building will boast 807,137 square feet of space and a 500-stall parking garage. Amenities at 151 N. Franklin will include a 4,200-square-foot rooftop terrace and bar, 10,000 square feet of courtyards, a fitness center, 250-seat conference center, restaurant, bike room and a café and coffee bar. The project is slated for completion in the summer of 2018. Michael Kavanau and Danny Kaufman of HFF placed the loan with Bank of the Ozarks. John Ronan Architects and Adamson Associates are the project designers.
LOS ANGELES — NorthMarq Capital has arranged $8.9 million in acquisition financing for Victor’s Square, a retail property located at 1915 and 1921 N. Bronson Ave. in Los Angeles. The property features 15,400 square feet of retail space. Michael Elmore of NorthMarq secured the five-year loan, which features a 25-year amortization schedule, for the undisclosed borrower through a life insurance company.
SAN DIEGO — Colliers International San Diego Region has arranged the sale of Hillside Village Plaza, a retail property located at 1900-1955 El Cajon Blvd. in San Diego. McEwen-Otay LLC and MP McEwen I LLC sold the property to Hillside Shopping Center LLC for $5.3 million. The 18,864-square-foot property is occupied by 7-Eleven, Sally Beauty Supply, Subway, Domino’s, H&R Block, WingStop and Check Into Cash. Built in 1985, the property is subject to a long-term ground lease. Mark McEwen of Colliers represented the sellers in the deal. The buyers did not have outside representation. Reef Real Estate Services will continue to serve as property manager for the shopping center.
SAN DIEGO — Vaerus Boundary LLC has acquired a 12-unit apartment community in San Diego for $2.2 million. The community is located at 4440 Boundary St. It was built in1973. Brian Barnard of Marcus & Millichap’s San Diego office represented both the buyer and seller, a partnership, in this transaction.
NEW YORK CITY — Allianz Real Estate has acquired a 44 percent stake — an investment of approximately $420 million — in 10 Hudson Yards, located on Manhattan’s west side. The tower is the first building completed in Related Cos. and Oxford Properties Group’s mixed-use Hudson Yards development. A limited partnership that includes Allianz, Related Cos., Oxford and institutional investors advised by J.P. Morgan Asset Management now own the property. 10 Hudson Yards is 94 percent leased to a variety of tenants, including Coach, L’Oreal USA, SAP and Boston Consulting Group. The planned mixed-use development will feature more than 17 million square feet of commercial and residential space, with more than 100 shops, a collection of restaurants, approximately 4,000 residences, cultural space, 14 acres of public open space and a 750-seat public school. Paul Meyer of Mayer Brown provided legal counsel to Allianz on the transaction.
ALBANY, N.Y. — The Rosenblum Companies has completed the sale of Corporate Plaza, an eight-building office park located along Washington Avenue Extension in Albany. Cass Hill Development Cos. acquired the asset for $14.5 million. Totaling 150,000 square feet, the plaza is 96 percent leased to 25 corporate, state and nonprofit tenants. The properties are located at 260, 264, 254, 250, 240 and 286 Washington Ave. Ext., 7 Executive Centre Drive and 14 Columbia Circle Drive.
KING OF PRUSSIA, PA. — CBRE has arranged the sale of a net-leased property located at 715 W. Dekalb Pike in King of Prussia. A locally-based 1031 exchange investor acquired the property from Pike 705 LLC for $11.1 million, or $1,850 per square foot. Built in 2015, the 6,000-square-foot property is occupied by Verizon. Matthew Gorman and Michael Shover of CBRE represented the seller and buyer in the deal.
AUBURN, MASS. — Fantini & Gorga has arranged $9.3 million in financing for a Casey Storage Solutions-branded self-storage facility located on State Route 20 in Auburn. Casey Investment Real Estate LLC was the borrower. Situated on 6.4 acres, the 12-building asset features 104,449 square feet of rentable space with 739 units in a mix of climate-controlled and standard units. Casimir Groblewski and Chris Miller of Fantini & Gorga arranged the financing for the borrower.
PENNSAUKEN, N.J. — Colliers International has brokered the sale of a manufacturing facility located at 7001 N. Park Drive within Airport Industrial Park in Pennsauken. A private equity firm, which owns Standard Merchandising, acquired the 115,300-square-foot facility from Contemporary Graphics for $4.1 million. Standard Merchandising, a sock manufacturing company, will occupy the property. Marc Isdaner and Ian Richman of Colliers were the sole brokers in the deal.