ROCKFORD, ILL. — KeyBank Real Estate Capital has secured a $9 million CMBS loan for a retail property in Rockford in northern Illinois. Rockford Crossing is 118,650 square feet and is shadow anchored by Target and ULTA Beauty. The center is currently 97 percent leased. Randy Martin of KeyBank secured the loan from a CMBS lender. The borrower in the transaction was undisclosed.
MILWAUKEE, WIS. — Ogden & Co. Inc. has arranged the sale of four student housing buildings in Milwaukee that serve students of Marquette University. The assets sold for $6.8 million. Wiegand Investments sold the assets to Charles Tunkieicz Farms Inc. Ogden & Co. will manage the property. Michael Seramur and David Tighe of Ogden & Co. represented the seller, Wiegand Investments, in the transaction. Brett Garceau and Timothy Janusz of MLG Commercial represented Charles Tunkieicz Farms.
CHICAGO — Interra Realty has arranged the sale of two multifamily properties in Chicago’s South Shore neighborhood for a total of $1.8 million. The two courtyard buildings were constructed in 1920 and are located at 7625-33 and 7635-43 S. East End Ave. The two properties have a total of 51 one-bedroom units and comprise 42,129 square feet. Both properties have received recent upgrades including new windows, porches and roofs. David Goss and Jon Morgan of Interra represented the undisclosed seller. Brad Feldman of Interra represented the undisclosed buyer in the transaction.
PLAINFIELD, ILL. — CBRE has brokered the sale of a 16,625-square-foot retail center in Plainfield, approximately 37 miles southwest of Chicago, for an undisclosed price. Old Second National Bank sold Founders Plaza to COROC Management Group LLC. Located at 24000 W. Dayfield Drive, Founders Plaza was 32 percent occupied at the time of sale. COROC Management Group plans to occupy 10,000 square feet for the operation of a day-care center starting in 2016. Nicholas Peters of CBRE represented Old Second National Bank in the transaction.
TEMPE, ARIZ. — American Campus Communities has broken ground on its sixth student housing facility at Arizona State University in Tempe, a $120 million live-learn facility. Upon its opening in fall 2017, the facility will house 1,594 students enrolled in the Fulton Schools of Engineering. The property will feature E-Space, a 3,500-square-foot lab outfitted with resources that cater to the needs of Fulton Schools students. The dining facility also has been designed with Fulton Schools of Engineering students in mind. The facility is approximately 14,000 square feet, includes seating for 500 students, and features four food stations and a mixture of seating types, including counter seating, booth seating and tables. A tech lounge is located on the mezzanine level along with individual seating pods with views of the landscape and main level. The new residence hall will be located in the heart of campus on East University Drive, providing residents with the option to walk or bike to class. The property features amenities such as social and recreation lounges, an Academic Success Center, a cardio fitness room and several academic study spaces.
SAN DIEGO — HFF has arranged a $96.4 million loan for Genesis at Campus Point, a vacant, four-building office complex in the UTC submarket of San Diego, which will fund the complex’s conversion into a biotech space. The 311,022-square-foot campus is located at 4224, 4242 and 4244 Campus Point Court and 10210 Campus Point Drive. The space is situated near the convergence of interstates 5 and 805 inside a life science cluster. Other notable tenants in the area include the University of California San Diego, Scripps medical campus, Illumina, Eli Lilly and Celgene. The buildings will feature multiple conference rooms, an on-site café with indoor and outdoor seating, a full-service fitness center, large balconies and a combination of covered and surface parking. HFF’s Tim Wright, Todd Sugimoto and Zack Holderman arranged the financing on behalf of the borrower, a partnership between Phase 3 Real Estate Partners and its institutional partner. The 36-month, floating-rate loan was placed with TPG Real Estate Finance Trust. Proceeds will be used to recapitalize the mid-year acquisition and fund the immediate repositioning costs of the asset.
ALISO VIEJO, CALIF. — Berkadia has arranged $130 million in financing for the 675-unit St. Moritz Apartments. The community is located at 23411 Summerfield in Aliso Viejo, southeast of Los Angeles. The property was about 95 percent occupied at the time of closing. The loan features a 10-year term, 3.51 percent interest rate and interest-only payments for the full term. Mitch Thurston and Andy Ahlers of Berkadia originated the loan through the firm’s Fannie Mae program.
SAN DIEGO — Bartell Hotels has purchased the 211-room San Diego Airport Hilton on Harbor Island for $37.7 million. The hotel is located at 1960 Harbor Island Drive. The property is situated along San Diego’s waterfront, less than a mile from San Diego International Airport. It underwent an extensive renovation in the early 2000s when the hotel joined the Hilton Worldwide brand. Bartell plans to make an additional $5 million in upgrades. The company now owns eight properties in San Diego.
SAN JOSE, CALIF. — Sundt Construction Inc. recently topped out Campus Village Phase II, a 10-story student housing building at San Jose State University. When complete, the building will feature 850 beds, common study rooms, a lounge, multi-purpose room, recreation room and more. Sundt is working with architects Solomon Cordwell Buenz on the $102 million project, which is expected to be completed in mid-2016.
HOUSTON — HFF has arranged the sale of BBVA Compass Plaza, a Class A office building totaling 326,200 square feet in Houston. BBVA Compass Plaza is the first office building to be delivered to the Galleria area in nearly three decades. HFF marketed the asset on behalf of the seller, a joint venture partnership between Stream Realty Partners, TRC Capital Partners (formerly The Redstone Cos.) and an institutional client of L&B Realty Advisors. Masaveu Post Oak Houston Delaware LLC purchased BBVA Compass Plaza for an undisclosed amount. Completed in 2013, BBVA Compass Plaza is a LEED Gold-certified, 22-story building that is 83 percent leased. BBVA Compass Bank occupies 58 percent of the net rentable area, and the remaining tenants are a mix of national and international firms. The recently completed property features a 1,144-space parking garage, a full retail bank branch, fitness center and two restaurants: Caracol and Oka Sushi. BBVA Compass Plaza is situated in Houston’s Galleria submarket with access to Loop 610, I-10, Highway 59 and Westpark Tollway. Scott Galloway, Dan Miller, Matt Kafka, Colby Mueck and Trent Agnew led the HFF investment sales team.