CHICAGO — Antares Capital has signed an 87,586-square-foot office lease for floors 41 through 43 at 320 South Canal in Chicago. Riverside Investment and Development and Convexity Properties co-developed the new 52-story office tower, which was completed in December 2022. Antares is a provider of financing to private equity-backed borrowers and a credit manager with more than $60 billion of capital under management. The firm is relocating from 500 West Monroe where it occupies 69,646 square feet. Designed by Goettsch Partners, 320 South Canal is situated immediately south of Union Station and is now 68 percent leased. Additional tenants include BMO, Skadden Arps, National Futures Association and Ullico. The Green, a 1.5-acre, privately owned outdoor park, sits on the west side of the building. Michael Sessa, Dan Maslauski and Jack Deroche of Cushman & Wakefield represented Antares in the lease. Christy Domin and Drew Neiman represented Riverside on an internal basis.
OVERLAND PARK, KAN. — SomeraRoad Inc. has welcomed the second tenant at Summit52, the recently renovated 300,000-square-foot office building in Overland Park that formerly served as the headquarters of Swiss Re. Blue Chair LLC and its affiliated companies will occupy 21,000 square feet on the third floor of the south building. Blue Chair, a management and holding company for Gragg Advertising, Lever 1 and IntegriShield, plans to move into its new space in the second quarter. Existing tenant IAC signed a lease for 60,000 square feet last year. Evan Warwick of Colliers represented Blue Chair in the lease. Ross Simpson and RC Jensen of Colliers represented SomeraRoad, which acquired the property in summer 2020.
MORTON GROVE, ILL. — Echo Real Estate Capital has acquired a 7,550-square-foot medical office building located at 6131 W. Dempster St. in the Chicago suburb of Morton Grove. The purchase price and seller were undisclosed. The single-tenant property is leased to Advocate Health Care. The facility is staffed by a mix of primary care physicians and one cardiologist that have operated out of the building for more than 20 years.
HIGHLAND TOWNSHIP, MICH. — Devoted Dental Group has signed a new five-year lease for 5,500 square feet at 2287 S. Milford Road in Highland Township, a northwest suburb of Detroit. James Mitchell of Dominion Real Estate Advisors LLC represented both the tenant and the undisclosed landlord in the lease.
CASTLE ROCK, COLO. — San Diego-based investment firm MG Properties has acquired Ridge at Castle Rock, a garden-style apartment community in Castle Rock, for $67.1 million. Located approximately 30 miles south of Denver and built in 2019, Ridge at Castle Rock offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. Communal amenities include a pool, 24-hour fitness center, dog park and outdoor grilling and dining areas. David Potarf, Dan Woodward, Matt Barnett and Jake Young of Walker & Dunlop represented the seller, Wisconsin-based Continental Properties, in the transaction. Bryan Frazier and Blake Hockenberry, also with Walker & Dunlop, originated an undisclosed amount of Fannie Mae acquisition financing on behalf of MG Properties. The number of units at the property was not disclosed. “This acquisition will allow us to further expand our operational presence in the Denver market,” says Jeff Gleiberman, president of MG Properties. “We believe this submarket is ideally positioned to benefit from the region’s continued growth.”
Once bypassed by national developers and investors for larger, metropolitan cities like Miami, the real estate community is now realizing what locals have known for years: Tampa is trending. Tampa Bay’s recognition as one of the country’s top places to live has trickled into the region’s office market, which as of the first quarter of the year, has continued to reap the benefits. While some credit the Tom Brady effect to Tampa’s rise into the national spotlight, the Tampa Bay region is seeing growing demand in other economic sectors beyond sports, including housing, business and leisure. In fact, Time Magazine just featured Tampa as one of only four U.S. cities in its highly coveted 2023 list of the “World’s Greatest Places.” Flurry of activity to start 2023 For the first time in five quarters, the Tampa Bay office market recorded positive absorption of more than 55,000 square feet thanks to more companies moving into space rather than vacating it, JLL’s first-quarter Office Insight Report for 2023 shows. This can be largely attributed to Reliaquest’s move into its 140,000-square-foot headquarters located at Thousand & One Water Street, where it is currently occupying 120,000 square feet, and which made up the lion’s …
HOUSTON — Target (NYSE: T) will open a 1.4 million-square-foot distribution center at Generation Park, a 4,000-acre mixed-use development in northeast Houston. California-based Panattoni Development purchased 145 acres for the Minneapolis-based retailer’s facility from the owner of Generation Park, McCord Development, in 2022. Construction is underway and scheduled for completion next year.
SAN MARCOS, TEXAS — A partnership between two California-based developers, Ledo Capital Group and St. Clair Commercial Real Estate, will develop a 663,460-square-foot industrial project in the Central Texas city of San Marcos. San Marcos Business Park will consist of three buildings ranging in size from 84,000 to 375,000 square feet that will be situated on a 45.7-acre site within the Whisper South master-planned development. All buildings will have rear-load configurations, 32- to 36-foot clear heights and ESFR sprinkler systems. The site also includes additional space for outdoor storage or trailer parking. Dallas-based ARCO/Murray is handling design and construction of the project, with Kimley-Horn serving as the civil engineer. Stream Realty Partners will market the property for lease. Construction is set to begin in the fourth quarter.
LEANDER, TEXAS — Locally based firm Freehill Development Co. will build Hero Way West, a 227,200-square-foot industrial project that will be located on a 16.8-acre site in the northern Austin suburb of Leander. The development will consist of three shallow-bay buildings with 28-foot clear heights. Charlie Strauss, Tom Weber, Trent Agnew and Josh Villarreal of JLL arranged joint venture equity with an undisclosed partner for the capitalization of the project. Michael Johnson and Chris McColpin, also with JLL, arranged floating-rate construction financing. Construction is set to begin this summer and to last about 12 months.
HOUSTON — Colliers has negotiated a 116,161-square-foot office headquarters lease at West Memorial Place I, a 331,000-square-foot building in Houston’s Energy Corridor area. The building is one of two at a complex that offers a fitness center, conference center, walking trails and an onsite restaurant and bar. David Carter and Jay Kyle of Colliers represented the tenant, MODEC International Inc., a supplier of mooring and fluid transfer systems for offshore energy companies, in the lease negotiations. Johnny Knight, Stewart Smith and Aaron Ander of Fuller Realty represented the undisclosed landlord.