Leasing Activity

COLD SPRING, KY. — Publix Super Markets has opened a new Publix grocery store in northern Kentucky. The 48,387-square-foot store is located at 5401 Alexandria Pike in Cold Spring, about 11 miles south of Cincinnati. The grocery store anchors Cold Spring Pointe, a 52-acre retail development along U.S. Highway 27 by Mid Atlantic Properties that features a Marshalls, Hobby Lobby, Qdoba, Five Below, Tropical Smoothie Café, AT&T, The UPS Store, Chase Bank and Chick-fil-A. The new Publix features an adjacent Publix Liquors store, as well as a drive-thru pharmacy and its traditional departments including produce, bakery and deli. The Cold Spring store represents the seventh Publix grocery store in Kentucky.

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BOLINGBROOK, ILL. — Cargowill, an e-commerce logistics company, has signed a 42,169-square-foot industrial lease at 1325 Remington Blvd. in Bolingbrook. Jeff Galante of Lee & Associates of Illinois represented the landlord, Pritzker Realty Group. Chris Nelson of Lee & Associates represented the tenant. Built in 2016, the 112,000-square-foot property features immediate access to I-55 via the Weber Road interchange.

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Today, there’s a multitude of factors shaping the retail leasing market. Smaller footprints, the influence of technology, changing lifestyles of younger generations, limited new supply and backfilling closures are just some of the most prominent storylines.  As of the first quarter, the national retail vacancy rate held stable at 4.4 percent, up 10 basis points from the prior quarter, according to Colliers, which covers malls, shopping centers and general retail across 390 markets.  “The market remains structurally tight due to limited new supply and steady backfill demand,” summarizes the brokerage firm in its first-quarter “U.S. Retail Market Statistics” report. “A clear bifurcation persists, with tight availability for small spaces and more modest availability among large anchor boxes.”  In a nutshell, today’s retailers prioritize smaller, more efficient spaces with strong visibility, easy access and co-tenancy with established traffic drivers along with the flexibility to support omnichannel operations, says Ron Goldstone, executive vice president at NAI Farbman in Farmington Hills, Michigan.  In the first quarter of the year, Continental Realty Corp. executed deals with tenants in the health and wellness category, service-oriented uses, food-and-beverage, children’s schools, entertainment and various franchise concepts in the 1,500- to 2,000-square-foot range, according to Kristina O’Keefe, senior …

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NEW YORK CITY — Robin Hood, a philanthropic organization dedicated to fighting poverty in New York City, has signed a 30-year, 53,000-square-foot office lease at 841 Broadway in Manhattan’s Union Square area. The space spans the entire fifth through eighth floors of the 91,300-square-foot building, which is now fully leased. David Carlos and Andrew Dzenis of JLL represented Robin Hood in the lease negotiations. Andrew Wiener and Robert Fisher internally represented the landlord, The Feil Organization.

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Celestica-Richardson

RICHARDSON, TEXAS — Celestica, a Canadian electronics manufacturer, has unveiled plans for the expansion of its Telecom Parkway campus in Richardson, a northeastern suburb of Dallas. The initiative represents a capital investment of approximately $300 million and is expected to account for the creation of roughly 2,300 new jobs over the next two years in addition to the retention of about 400 existing jobs. Celestica has renewed its office leases at both its existing buildings and has also begun construction on a new, 343,000-square-foot building. Celestica has also entered into a public-private partnership with the City of Richardson, which has approved a $3 million tenant improvement grant to support Celestica’s long-term commitment, capital investment and job creation.

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LIBERTY HILL, TEXAS — Walmart (NASDAQ: WMT) will open a 175,995-square-foot store in Liberty Hill, located north of Austin in Williamson County. The store will be located within Santa Rita Ranch, a $100 million mixed-use development, and is expected to add about 400 new jobs to the local economy. The opening is set for next year. Ed Horne is the owner and master developer of Santa Rita Ranch.

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NEW YORK CITY — Law firm Sher Tremonte LLP has signed a 10-year, 26,405-square-foot office lease renewal in Lower Manhattan’s Financial District. The space spans the entire 22nd and 23rd floors of the 410,000-square-foot building at 90 Broad St. Seth Hecht of JLL represented the tenant in the lease negotiations. Jon Fein of Cushman & Wakefield, along with internal agent Josh Turman, represented the landlord, Princeton International Properties.

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GAINESVILLE, GA. — Industrial owner-operator Logistics Property Co. has signed two tenants to new leases at Gainesville 85 Business Center, an industrial park located in the I-985 Northeast Atlanta submarket. An undisclosed e-commerce company committed to 228,423 square feet of space at the building at 1900 Fulenwider Road, which is now fully leased, while a sustainable packaging manufacturer leased 66,960 square feet at 1950 Fulenwider Road. Todd Barton, Joanna Blaesing, Mark Hawks and Matt Higgins of CBRE represented the landlord in the lease negotiations. Tommy Hughes and Weston Gurr of Hughes Commercial and Rob Kruer, Tyler Logue, Nicholas Chang and Justin Kuehn of CBRE represented the tenants, respectively. Tim Evans and Ryan Jackson of the Greater Hall County Chamber of Commerce assisted in the negotiations.

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STAFFORD, VA — Mid-Atlantic commercial real estate brokerage firm KLNB has arranged multiple retail leases for the Market at Austin Ridge, a shopping center underway in Stafford. The new leases are with Aldi, Texas Roadhouse, Sheetz and Flagship Carwash. Dimitri Georgelakos and Veronica Kamara of KLNB worked on behalf of the undisclosed landlord in the lease negotiations. 

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NANUET, N.Y. — Best Buy will open a 35,500-square-foot store in Nanuet, located just north of the New York-New Jersey border. Previously occupied by At Home, the space is located on the ground floor of the Macy’s store at the Shops at Nanuet, which is a redevelopment of the former Nanuet Mall. Jeffrey Howard of RIPCO Real Estate represented the tenant in the lease negotiations, while David Landes and Zach Landes of Royal Properties represented the landlord, Metropolitan Realty Associates.

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