NEW YORK CITY — JLL has negotiated the $20 million sale of a portfolio of three contiguous multifamily buildings totaling 36 units in Manhattan. The buildings, which are located across from the Port Authority bus terminal at 321-325 W. 42nd St. and include ground-floor retail space, were constructed in the 1920s. An undisclosed private investor who had owned the portfolio for 25 years sold the assets to Aya Acquisitions. Bob Knakal and Jonathan Hageman of JLL brokered the deal.
NEW YORK CITY — CBSK Development will redevelop the Jacob Riis Bathhouse, a historic building in the Rockaway Beach area of Queens that was originally constructed in 1932. The redevelopment will convert the 40,000-square-foot bathhouse into a 28-room boutique hotel with 1,247 square feet of retail and restaurant space and an outdoor concert venue that can accommodate up to 2,000 people. Procida Funding provided a $32.5 million construction loan for the project. A construction timeline was not disclosed.
ROCKY HILL, CONN. — Michael Baker Engineering Inc. has signed a 9,158-square-foot office lease at 500 Enterprise Drive in Rocky Hill, a southern suburb of Hartford. The building is located within the 506,500-square-foot Corporate Ridge development, which offers a fitness center, game room, outdoor gathering areas and a full-service cafeteria. Bob Kelly and Jon Putnam of Cushman & Wakefield represented the landlord, KS Partners LLC, in the lease negotiations. The representative of the tenant was not disclosed.
ELKHART, IND. — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired a 105,548-square-foot industrial property in Elkhart for an undisclosed price. The facility at 1511 W. Lusher Ave. is situated near I-80, I-90 and I-94. Jonathan Wolfe, Daniel Macks and Jeff Lizzo of STREAM Capital Partners represented the seller, Colbert Packaging Corp., a producer of sustainable paper-based packaging serving the pharmaceutical, healthcare and consumer goods industries. Colbert also maintains a facility in Kenosha, Wis. Based in Dallas, MAG Capital Partners is an industrial real estate investment firm founded by Dax Mitchell and Andrew Gi.
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 …