NEW YORK CITY — NYC Elite Gymnastics Inc. has signed a 20-year, 20,908-square-foot retail lease renewal in Manhattan’s Tribeca neighborhood. The company’s facility at 40 Worth St. encompasses 10,987 square feet of ground-level space, 2,761 square feet of lower-level mezzanine space and 7,160 square feet of space on the lower level. Roy Lapidus of GFP Real Estate represented both the tenant and the landlord, an entity doing business as 40 Worth Street Associates LLC, in the lease negotiations.
By Ben Azulay, Bradford Allen As summer approaches, I’m noticing Chicago’s downtown buzzing with renewed energy, and new signs that the Loop’s office market is heating up as well. In fact, research by my firm, Bradford Allen, suggests a Chicago office market nearing its bottom and poised for recovery. Improved leasing activity, strategic landlord adaptations and discounted sales are reshaping downtown Chicago’s market, particularly in high-demand submarkets like the West Loop and Fulton Market. Client certainty Office tenants in downtown Chicago are demonstrating increased confidence about their space needs, as reflected in significant expansion deals and long-term commitments. In fact, office expansions drove at least five of the 10 largest leases signed during the first quarter, including Stripe more than doubling its footprint at 350 N. Orleans from 45,000 to 89,000 square feet and Blue Owl’s second expansion at 150 N. Riverside from 27,000 square feet to 54,000 square feet. Large new leases included BP renewing 240,000 square feet at the CME Center, and Goldman Ismail signing a 43,000-square-foot deal at 191 N. Wacker. Leasing volume totaled 1.7 million square feet, up from 1.3 million square feet year-over-year, with the West Loop alone securing 916,760 square feet of leasing activity. …
Necessity has sparked innovation across the multifamily sector. Property managers are implementing new technology platforms to streamline leasing, maintenance and resident communications because of rising operating costs, says Jim Cunningham, president of Naperville, Illinois-based Marquette Management, which owns or manages nearly 16,000 units across eight states. Operating costs increased 7 percent last year, according to CBRE. Rising insurance costs are one of the primary drivers. Property managers are also embracing technology to enhance resident satisfaction. Wendy Deetjen, vice president of Habitat’s market-rate portfolio, says that today’s renters expect more convenience, personalization and instant communication than in the past. Chicago-based Habitat manages more than 13,000 units across Illinois, Michigan and Minnesota. “Reputation management and resident engagement remain critical, and while staffing challenges persist industrywide, automation helps our teams focus on what matters most — delivering excellent service and building stronger communities,” says Deetjen. The automation and problem-solving capabilities that come with artificial intelligence (AI) free up property managers to devote more time to other tasks. This advancement is especially beneficial at a time when the labor supply is low. Cunningham says that labor in multifamily management remains tight but is improving. The industry faced a 4.1 percent turnover rate in 2024, …
HOUSTON — Camden Property Trust, a publicly traded REIT, has sold a 337-unit apartment community in Midtown Houston. Camden Midtown was built in 1999 and features one- and two-bedroom units. Amenities include multiple pools and fitness centers, as well as a pet park and a direct-access parking garage. Dustin Selzer, Jett Lucia, Aziza Rehmatulla and Matt Kafka of JLL represented Camden in the transaction. Leon McBroom, Rob Bova and John David Johnson, also with JLL, originated an undisclosed amount of Freddie Mac acquisition financing on behalf of the buyer, Bow River Capital. The new ownership has rebranded the property as Hadley Midtown Apartments.
IRVING, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The International at Valley Ranch, a 236-unit apartment complex in Irving. Built in 2024 within the Valley Ranch master-planned development, the property offers studio, one- and two-bedroom units with an average size of 803 square feet. Amenities include a pool, fitness center, sky lounge, outdoor grilling and dining stations, coworking space and a dog park. Drew Kile, Michael Ware, Joey Tumminello, Taylor Hill, Shelby Clark and Jack Windham of IPA represented the seller, Criterion Development Partners, in the transaction and procured the buyer, Consolidated Investment Group.
PILOT POINT, TEXAS — NAI Robert Lynn has brokered the sale of a 35,570-square-foot industrial building in Pilot Point, located north of Dallas in Denton County. According to LoopNet Inc., the building at 926 U.S. Highway 377 was built on 3.7 acres in 1983. Jim Hancock of NAI Robert Lynn represented the seller, an entity doing business as TyGra Realty LLC, in the transaction. Michelle Hudson and Tom Hudson of Hudson Peters Commercial represented the undisclosed buyer.
TEMPLE AND BELTON, TEXAS — Dallas-based Kobalt Investment Co. has purchased a portfolio of three medical office buildings totaling 31,545 square feet in Central Texas. The buildings, which were developed in 2013, are all leased to Baylor Scott & White Health, with one facility located in Temple and the other two structures located in Belton. Seth Gilford of Transwestern represented Kobalt in the transaction. The seller and sales price were not disclosed.
ADDISON, TEXAS — Asset Living, a provider of third-party property management services, has signed a 13,168-square-foot office lease renewal in the northern Dallas metro of Addison. According to LoopNet Inc., the building at 15601 Dallas Parkway was completed in 1999 and totals 289,340 square feet. Dan Boyles, Jeremy Brubaker and Justin Utay of Partners Real Estate represented Asset Living in the lease negotiations. Chris Taylor of Cushman & Wakefield and Trey Smith of CBRE represented the landlord.
SINGAPORE AND NEW YORK CITY — Mapletree Investments Pte Ltd., a global real estate investment and management firm based in Singapore, has sold a 1.8 million-square-foot industrial portfolio to New York City-based Faropoint for $328 million. The transaction represents Faropoint’s largest acquisition to date and Mapletree’s first major U.S. warehouse disposition. The portfolio, which Mapletree held under a closed-end private fund launched in 2019, comprises 30 shallow-bay warehouse buildings spread across Florida (14), Georgia (7), New Jersey (5), Texas (3) and Pennsylvania (1). John Huguenard and Trent Agnew of JLL represented Mapletree in the transaction. Mapletree has owned and managed more than 70 million square feet of industrial assets in the United States since entering the country in 2014.
JERSEY CITY, N.J. — Newmark has arranged a $515 million loan for the refinancing of Phase I of The Journal, a 966-unit apartment building in Jersey City. The newly constructed building is part of a larger, $1 billion development that will feature two 63-story towers with a combined 1,723 units. The Journal also includes a 983-space parking garage, 45,000 square feet of amenity space and 40,000 square feet of retail space that is fully leased to Target. Jordan Roeschlaub, Nick Scribani and John Caraviello of Newmark arranged the loan through Blackstone on behalf of the developer, Kushner Cos.