NEW YORK CITY — Cushman & Wakefield has negotiated a 28,000-square-foot industrial lease near JFK International Airport in Queens. The tenant, freight and logistics operator Kennedy Transport Services LLC, will occupy space at Inwood Logistics Center, a 10-building development. Rico Murtha, Helen Paul, Sonny Singh, Thomas Deluca, David Frattaroli, John Giannuzzi and Joseph Hentze Jr. represented the landlord, a partnership led by Onyx Equities, in the lease negotiations. The tenant representative was not disclosed.
SUMMIT, ILL. — Essex Realty Group LLC has brokered the $1.7 million sale of an apartment building located at 7349 W. 57th St. in Summit, a southwest suburb of Chicago. The property features 17 one-bedroom units, 15 of which have been recently renovated. Anthony Citriglia of Essex brokered the sale.
CHARLESTOWN, MASS. — Pickleball operator PickleBOS will open a 22,570-square-foot sports entertainment venue in Charlestown, a northern metro of Boston. The site at 440 Rutherford Ave. is located within Charlestown Labs, a 166,000-square-foot office and life sciences campus owned by Related Beal. Designed by StudioTYAK, the indoor facility will feature 10 courts that will be equipped with TVs, iPads and cameras for live scoring and instant replays, as well as private event spaces. The opening is slated for December.
NEW YORK CITY — JTC Group has signed a 15,926-square-foot office lease in Midtown Manhattan. The global fund administration services company will relocate from Rockefeller Center to the entire 20th floor of 575 Madison Avenue, a 25-story, 385,347-square-foot building. David Hollander, Gregg Rothkin, Brad Auerbach, Maxwell Tarter and William Hooks of CBRE represented the landlord, Steinberg and Pokoik Management Co., in the lease negotiations. John Nugent and Joe D’Apice, also with CBRE, represented the tenant.
PORTLAND, ORE. — Portland-based multifamily owner-operator Guardian has acquired a portfolio of 15 multifamily properties totaling 3,050 units in Oregon and New Mexico for $497 million. The deal represents the company’s largest transaction and one of the larger deals in the United States year-to-date, according to Guardian. Each property in the portfolio was built after 2000 using Low Income Housing Tax Credits (LIHTC) but after the end of the program’s 15-year compliance period, thus the properties were at risk of market-rate conversion. Guardian will voluntarily convert a portion of the portfolio’s units to income-restricted housing that is reserved for renters earning 60 percent or less of the area median income (AMI). The seller was not released. “This transaction represents a pivotal moment for Guardian as we advance our mission to preserve and expand quality affordable housing,” says Tom Brenneke, president of Guardian. The company purchased the portfolio in two tranches. The first was with capital partner AEW for two Portland-area communities spanning 310 units. The second phase comprised the other 13 properties, which span 2,740 units in the metro areas of Portland and Albuquerque, N.M. Guardian partnered with National Equity Fund (NEF) and JPMorgan Chase on the second tranche. “Partnering …
HOUSTON — JLL has arranged an undisclosed amount of acquisition financing for 3555 Timmons, a 227,064-square-foot office building located in the Greenway Plaza area of Houston. Built in 1982 and renovated in both 2017 and 2024, the building was 95 percent leased at the time of sale, with the Houston-Galveston Area Council serving as the anchor tenant. Michael Johnson, Michael King, Scot Sarlin and James Lovell of JLL arranged the fixed-rate debt through an undisclosed insurance company on behalf of the borrower, DML Capital.
PHOENIX, CHANDLER, TEMPE AND SCOTTSDALE, ARIZ. — City Office REIT has completed the disposition of six office buildings totaling 1.2 million square feet in the Phoenix area to Southwest Value Partners for $266 million. Ben Geelan, Will Mast and Charlie von Arenstschildt of JLL Capital Markets represented the seller. Sher Hafeez, Michael Leggett, Dan Freeze and Josh Lieberman of JLL provided advisory services. The portfolio includes:– Block 23, a 307,000-square-foot property at 101 E. Washington St. in downtown Phoenix;– 5090 N. 40th Street, a 173,000-square-foot asset at 5090 N. 40th St. in Phoenix’s Camelback corridor;– SanTan, a 267,000-square-foot asset in Chandler;– Papago Tech, a 163,000-square-foot property at 1600-1700 N. Desert Drive in Tempe;– The Quad, a 163,000-square-foot building at 6200-6390 E. Thomas Road in Scottsdale;– Camelback Square, a 174,000-square-foot building at 6991 E. Camelback Road in Scottsdale.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of CIRC Tucson, an apartment property in Tucson. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Terms of the transaction were not disclosed. Built in 1986 on 17 acres, CIRC Tucson offers 368 apartments, two swimming pools, a fitness center, package lockers and electric vehicle charging stations.
DALY CITY, CALIF. — Kimco Realty and Bozzuto have broken ground on The Chester at Westlake, a mixed-use development in Daly City. Scheduled to open in winter 2027, The Chester will offer 214 one-, two- and three-bedroom apartments, more than 13,000 square feet of amenities and 9,854 square feet of leasable ground-floor retail space. The community will feature a two-story lobby and two courtyards connected by a clubroom. The west courtyard will serve as an active social hub with an outdoor kitchen and grilling stations, a water feature and ample lounge and dining areas. The east courtyard will feature a covered lounge, fireplace and lush landscaping. Additional amenities will include a 24-hour fitness center and yoga room, collaborative coworking spaces and personal focus areas, a communal bar area with lounge seating and a rooftop sky lounge and patio. Bozzuto Development Co. will serve as lead developer of The Chester, which is located at 99 Southgate Ave. and part of Kimco’s Westlake Shopping Center. The project team includes Bozzuto Management as property manager, BDE Architecture as architect, Kimley-Horn as civil engineer, Vida Design as interior designer, JETT Landscape Architecture & Design as landscape architect and Palisade Builders as general contractor.
SAN FRANCISCO — TMG Partners and Bridges Capital have purchased 149 New Montgomery Street, an office building in San Francisco’s South Financial District. The partnership acquired the mortgage loan from U.S. Bank as trustee in August and has now acquired the property through a deed in lieu of foreclosure. Originally built in 1907, the property offers 80,000 square feet of office and ground-floor retail space, including Café Madeleine. The new owners plan to renovate the building.