TAMPA, FL—With land harder to come by—and selling for higher prices as scarcity increases—some developers are eyeing submarkets further north.

NEW YORK CITY—Chinese investors continue to invest in prime Manhattan real estate and are willing to pay top dollar. The Bank of China Ltd. has reportedly agreed to acquire 7 Bryant Park, currently under construction, for a purchase price that will approach $600 million.

NEWARK, NJ—Rugby Realty Co., Inc. has acquired Three Gateway Center in Newark, NJ, from Tahl Propp Equities. Financial terms were not disclosed.