CLAYTON, MO. — Architect HDA has completed the design of Forsythia on the Park, a luxury condominium development in Clayton. The four-story, 155,500-square-foot building is positioned adjacent to Shaw Park and features 38 two- and three-bedroom residences. The open layouts feature private terraces. Amenities include a resident lounge anchored by a fireplace, a technology-equipped community room and services such as a 24-hour concierge and guest valet parking. The development is now open.
OTSEGO, MINN. — Kraus-Anderson has completed a new $18.8 million fire station for the City of Otsego in metro Twin Cities. Designed by Wold Architects and Engineers, the 35,000-square-foot station features a central location for rapid response and community-centered spaces for educational events and engagement activities. The project includes large apparatus bays, gear storage and well-planned workflows for quick mobilization. Living quarters accommodate 24-hour staff. Dedicated training areas include new classrooms and spaces that allow firefighters to refine skills and host community safety programs such as CPR training and workshops. The project incorporates eco-friendly materials, energy-efficient lighting and water-saving fixtures. Construction began in June 2025.
MOLINE, ILL. — Gantry has secured a $12 million permanent loan to refinance maturing debt for Rock River Plaza in Moline. The 389,375-square-foot retail power center is anchored by Walmart and Lowe’s. Additional tenants include Marshalls, Five Guys, Chick-fil-A, Applebee’s and AT&T. Gantry’s Joe Monteleone and Rulin Dai represented the borrower, a private real estate investor. A CMBS lender provided the five-year, fixed-rate loan, which features interest-only payments for the full term.
SAN DIEGO — Palo Alto, Calif.-based Pacific Urban Investors has purchased Casas by the Sea, an oceanfront multifamily property in the Bird Rock/La Jolla neighborhood of San Diego. Terms of the transaction were not disclosed. Situated adjacent to Tourmaline Beach, Casas by the Sea features 140 studio, one-, two- and three-bedroom apartments spread across four residential buildings and two single-family homes. The property was built in 1970. Approximately 86 percent of the units offer ocean views.
LAS VEGAS — Developer Moonwater Capital has broken ground on Halo Tower, an eight-story Class A office property in southwest Las Vegas. Completion and occupancy is planned for third-quarter 2028. Situated on Sunset Road adjacent to the 215 Beltway, Halo Tower will feature 220,000 square feet of office space with 28,571-square-foot floor plates, 15- to 17-foot lobby heights and an indoor-outdoor rooftop boardroom and amenity deck with panoramic views of the Las Vegas Valley. Martin-Harris Construction is serving as general contractor for the project. Brad Peterson, Tanner Peterson, Justin Witt and Grace Ordonez of CBRE will handle marketing and leasing for the property.
LOS ANGELES — Regional brokerage firm PSRS has arranged $6.8 million in construction financing for an affordable housing project on Ben Avenue in the North Hollywood neighborhood of Los Angeles. The property will feature 40 affordable apartments. To secure bank approval for the project’s first-time developers, PSRS reworked the ownership structure to bring in a sponsor, MOBBIL Inc., to take a nominal equity position and strengthen the track record. Michael Warner of PSRS secured the two-year, interest-only construction loan, which features a 65 percent loan-to-value ratio.
SANTEE, CALIF. — CBRE has arranged the sale of a multi-tenant retail building located at 8781 Cuyamaca St. and 9822 Buena Vista Ave. in Santee. Affiliates of Calgary Development sold the asset to Burggraf Family Trust for $3.7 million. Situated on 1.1 acres, the property features 16,390 square feet of retail space and was 90 percent leased at the time of sale. Reg Kobzi, Michael Peterson and Lane Robertson of CBRE represented the seller, while William Strocco Jr. of St. Rocco Properties represented the buyer in the deal.
NEWPORT BEACH, CALIF. AND BOCA RATON, FLA. — BKM Capital Partners and Kayne Anderson Real Estate have acquired an 8.5 million-square-foot light industrial portfolio from Link Logistics for $1.8 billion. The portfolio includes 51 multi-tenant properties across markets in California, Washington, Texas and Georgia. The deal marks the largest light industrial transaction since 2022, according to the joint venture partners, which now maintain roughly 15 million square feet of multi-tenant light industrial assets under management. The portfolio is approximately 90 percent occupied and consists of nearly 2,000 units across 275 buildings, all located in infill submarkets within high-growth metropolitan areas. “At Kayne Anderson Real Estate, we continue to focus on sectors where we see durable demand drivers and the opportunity to create value through scale, vertical integration and operational expertise,” says Al Rabil, co-founder and CEO of Kayne Anderson Real Estate. “Multi-tenant light industrial remains a highly fragmented segment with compelling fundamentals.” “This acquisition marks the largest addition to BKM’s platform to date and is representative of the strategy we have deployed in the multi-tenant light industrial space for years,” says Brian Malliet, founder, CEO and chief investment officer of BKM. “It not only underscores the importance of deep operating …
CARLSBAD, CALIF. — JLL Capital Markets has arranged the $91.3 million sale of The Beacon, a 122,167-square-foot neighborhood retail center located in Carlsbad, roughly 35 miles north of San Diego. Asana Partners sold the asset to 11North Partners. The Beacon, which comprises 15.2 acres, was originally built in 1982 and renovated from 2020 to 2023. Luxury fitness brand Equinox anchors the center, which features a mix of tenants including Arhaus, Sweetgreen, Shake Shack, Jeni’s Ice Cream, Pitfire Pizza and Lofty Coffee Co. Geoff Tranchina, Gleb Lvovich and Daniel Tyner of JLL represented the seller in the deal.
ROWLAND HEIGHTS, CALIF. — Advanced Real Estate has purchased Casa La Paz, a 126-unit multifamily property located in Rowland Heights, an unincorporated community in the San Gabriel Valley within Los Angeles County. The company acquired the property via its Advanced Fund 24-3, a 721 tax-deferred “exchange and contribution” structure. Through this process, the former ownership group contributed the property into the fund in exchange for partnership interests in Advanced Fund 24-3. Additional terms of the transaction were not released. Advanced Real Estate plans to execute a comprehensive value-add renovation to the community, which will be rebranded as The Rowland. Advanced’s affiliated construction company, R3 Construction Services, will administer the renovations. Property management will be handled in-house by Advanced Management Co.
