HILLSBOROUGH, N.J. — Bluestar Direct has signed a 13,500-square-foot industrial lease expansion in the Northern New Jersey community of Hillsborough. The wholesaler of various food products is expanding from a 5,000-square-foot space at the 596,315-square-foot Hillsborough Business Center, where it has been a tenant since 2020. Victor Kelly represented the landlord, Larken Associates, in the lease negotiations on an internal basis.
WESTLAKE, TEXAS — Terra Lounge has opened a 2,400-square-foot bar and restaurant at The Terraces, an eight-building, 1.1 million-square-foot office complex located north of Fort Worth in Westlake. Terra Lounge, which can accommodate about 100 people, offers beer, wine and cocktails, as well as appetizers, salads and gourmet pizzas. Chicago-based Glenstar purchased the property, which is home to office users like Goosehead Insurance and ECI Software Solutions, in 2019.
— By Taylor Stokes, Market Intelligence Analyst, Avison Young — The Los Angeles office market continues to struggle with a 24.7 percent vacancy rate at the end of the first quarter of 2024, according to Avison Young’s first-quarter Los Angeles office market report. Leasing activity picked up slightly in the first quarter of 2024 with 951 leases recorded. This equated to 3.5 million square feet, up 5.4 percent from the fourth quarter of 2023 when there were 902 leases signed. To put the decline of occupancy in perspective, the first quarter of 2022 ended with a 15.4 percent office vacancy rate, which was up from 15 percent at the end of 2021. It was also up from the previous high of 13.1 percent that was recorded in 2010. There were a couple lease transactions to highlight in the first quarter of 2024. Snap picked up 400,000 square feet in Santa Monica, while Bank of Tokyo Mitsubishi signed a nearly 62,000-square-foot lease in Downtown Los Angeles. Downtown continues to struggle with the highest vacancy in the market at 28.6 percent. The anticipated return to office hasn’t happened, as many users see the hybrid work schedule continuing for the long-term. They, therefore, …
CHARLOTTE, N.C. — Daye North America, a manufacturer of outdoor power equipment, has signed a full-building office lease at 901 Tuck, an adaptive reuse project located at 901 Tuckaseegee Road in Charlotte’s FreeMoreWest submarket. The company will utilize 901 Tuck as its new corporate office. Chase Merkel of Trinity Partners represented the undisclosed landlord in the lease negotiations, and Warren Snowdon of Foundry Commercial represented the tenant.
DALLAS — Steelcase, a manufacturer of office furniture, has opened an 11,169-square-foot showroom in the Victory Park area of Dallas. The space is known as the WorkLife Center and is located within the 15-story, 352,000-square-foot Victory Commons One office building. Scott Hage of JLL represented Steelcase in the lease negotiations. Bill Brokaw and Karch Schreiner represented the landlord, Hillwood Urban, on an internal basis. BOKA Powell designed the WorkLife Center, and Balfour Beatty built out the showroom.
HORSHAM, PA. — Align Precision has signed an 85,396-square-foot industrial lease at 425 Privet Road in Horsham, a northern suburb of Philadelphia. The defense and aerospace contractor is relocating from nearby Huntingdon Valley and essentially doubling its footprint. Tim Morris, Mike Maloney and Brian Smyth of CBRE represented the landlord, a partnership between Griffith Properties and DRA Advisors, in the lease negotiations. Mike Cohen of Situs Properties represented Align Precision.
DALLAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 10,143-square-foot industrial lease in northeast Dallas. According to LoopNet Inc., the property at 10451 Brockwood Road was built in 1984 and totals 58,758 square feet. Josh Barnes, Blake Troiani and Mitch Cantwell of Holt Lunsford represented the owner, Boston-based Taurus Investment Holdings, in the lease negotiations. Landon Brune of CBRE represented the tenant, Digi Security Systems.
DAVISBURG, MICH. — Cali Girl Books has signed a 1,600-square-foot retail lease at Oak Hill Plaza in Davisburg, about 23 miles south of Flint. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Kassab Associates. Located at 10785 Dixie Highway, Oak Hill Plaza is home to tenants such as Locri Pizzeria, Davisburg Nutrition and Diamond All Star Cheer.
COPPELL, TEXAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 12,800-square-foot industrial lease in Coppell, located in the northern-central part of the metroplex. According to LoopNet Inc., the property at 820 W. Sandy Lake Road was built in 2005. Andrew Gilbert and Keaton Brice of Holt Lunsford represented the owner, LaSalle Investment Management, in the lease negotiations. Kurt North of North Pointe Commercial represented the tenant, Sky Elements CTC.
HOUSTON — Pressify Inc., a provider of custom printing services for the apparel industry, has signed a 12,192-square-foot industrial lease at 10161 Harwin Drive in West Houston. Stephen Hazen and Jacob Summers of locally based brokerage firm Oxford Partners represented Pressify in the lease negotiations. Lesley Rice and Andy Parish of Partners Real Estate represented the landlord.