AMES, IOWA — Coastal Ridge has acquired two student housing properties serving Iowa State University in Ames. The acquisitions were part of a portfolio that also included a property in Louisiana totaling just under 1,600 beds with a gross asset value of approximately $90 million. The acquisitions mark the firm’s initial deployment of capital from the Coastal Ridge Value-Add Student Housing Fund LP, the company’s inaugural institutional commingled fund. The per-bed cost across the three assets was approximately $56,000. New construction can exceed $100,000 per bed, according to Coastal Ridge.
EDINA, MINN. — Kraus-Anderson Construction has completed a $24.1 million fire station in the Twin Cities suburb of Edina. The two-story project at 4401 W. 76th St. replaces the former facility on York Avenue. Designed by BKV Group, the 35,464-square-foot development also includes space for the Public Health Division. The fire station features an atrium and lobby, administration areas, training rooms, offices, conference rooms and a large apparatus bay for ambulances, fire and rescue vehicles as well as personal protective equipment storage. The building also features a physical conditioning room that is available to all city employees. The second floor houses dormitories, and the training tower rises five stories. Construction began in fall 2023.
LOGANSPORT, IND. — Timber Development Corp. has purchased Cass Commons Shopping Center in Logansport, a city in central Indiana, for $2 million. The 20,000-square-foot property is shadow anchored by a Walmart Supercenter. Tenants include Maurice’s, Great Clips and Buffalo Wild Wings. Dan Waszak of Quantum Real Estate Advisors Inc. brokered the transaction.
CHICAGO — Bradford Allen has secured a seven-year, 10,780-square-foot office lease renewal for Anesi Ozmon Ltd. at 161 N. Clark St. in Chicago’s Central Loop. Ben Azulay and Nathan Meisner of Bradford Allen represented the law firm, which handles personal injury, construction accident and workers’ compensation cases. The longtime tenant of the building is having its space reconfigured to include more private offices for attorneys. Designed by Kohn Pederson Fox and built in 1992, 161 N. Clark Street is a 50-story office tower with a 12th-floor tenant lounge, multiple conference rooms, a fitness center, bike storage and an open-air roof terrace with skyline views. First-floor retail tenants include Hannah’s Bretzel, Fifth Third Bank, DHL and Larry’s Shoe Shine.
OKLAHOMA CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $48.4 million loan for the refinancing of Britton Commerce Center, a 560,000-square-foot industrial property in Oklahoma City. The five-building complex was fully leased at the time of the loan closing. Sunny Sajnani and Travis Headapohl of IPA arranged the debt through an undisclosed credit union on behalf of the borrower, locally based development and investment firm Gardner Tanenbaum. The loan was structured with a five-year term, a fixed interest rate of 5.76 percent, 30-year amortization schedule and 24 months of interest-only payments.
HOUSTON — BMC Software has signed a 95,827-square-foot office headquarters lease extension in West Houston. The space is located within the 21-story, 518,907-square-foot Building 4 of CityWest, a campus that comprises 1.5 million square feet across 35 acres. Scott Wegmann and Kevin Ray of Cushman & Wakefield represented the tenant in the lease negotiations. J.P. Hutcheson and Amanda Nebel, also with Cushman & Wakefield, represented ownership, a venture between Parkway Properties, 3Edgewood and Midway.
LAREDO, TEXAS — A partnership between Dallas-based Sunwest Real Estate Group and industrial investment firm AKRE Partners has purchased a 36,240-square-foot warehouse in the Rio Grande Valley city of Laredo. The small-bay building at 13609 Archer Drive is located within Killam Industrial Park. According to LoopNet Inc., the building was completed in 2001 and features 20-foot clear heights, 17 dock-high loading positions and 3,091 square feet of office space. The seller and sales price were not disclosed.
HOUSTON — Stream Realty Partners has secured an 18,118-square-foot industrial lease in West Houston. According to LoopNet Inc., the building at 1325 S. Creek Drive was built in 1980 and totals 153,741 square feet. Garrret Geaccone and Boone Smith of Stream represented the landlord, Nuveen Real Estate, in the lease negotiations. The representative of the tenant, third-party logistics provider Lucky Dong, was not disclosed.
WYLIE, TEXAS — Fort Worth-based brokerage firm The Woodmont Co. has negotiated the sale of a 9,929-square-foot retail strip center in Wylie, located northeast of Dallas. The center was completed in 2024. Russel Wehsener of The Woodmont Co. represented the buyer in the transaction. George Tak of Jual Properties represented the seller. Both parties requested anonymity.
BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) and CBG Building Co. have begun leasing Blayr, a 217-unit multifamily redevelopment project in Bala Cynwyd, a northwestern suburb of Philadelphia. The project, which represents the second phase of a larger redevelopment known as Bala Cynwyd on City Avenue, is a conversion of the former 120,000-square-foot Lord & Taylor department store into an apartment complex with 16,000 square feet of ground-floor retail space. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include an outdoor pool, a golf and multisport simulator and a courtyard with grills and gathering spaces. Federal Realty received zoning approval for the project in February 2024, broke ground a few months later and topped off the project this spring. The first move-ins are scheduled for March.