FORT WORTH, TEXAS — Cummings Electrical has signed a full-building, 66,882-square-foot industrial lease in Fort Worth. The electrical engineering and contracting firm is relocating from the nearby building at 14900 Grand River Road to Centreport Tech Center, a two-building complex on the city’s northeast side, via a 10-year deal. Jason Finch, Erik Blais and Michael Spain of Bradford Commercial Real Estate Services represented the landlord, Fort Capital, in the lease negotiations. The deal brings Centreport Tech Center to full occupancy.
HOUSTON — Representative Materials Co. has signed a 119,355-square-foot industrial lease in northeast Houston. The manufacturer and distributor of conduit raceway systems is taking space within the building at 1055 W. Lake Houston Parkway, which is located within Generation Park Distribution Center. Jarret Venghaus, Jeff Venghaus and David Holland of JLL represented the owner, Outrigger Industrial, which recently bought the property, in the lease negotiations. Ryan Fuselier and David Buescher, also with JLL, represented the tenant. The deal brings the building to 46 percent occupancy.
DURHAM, N.C. — The Ardent Cos. has closed on the land acquisition for Westside Bottling, a mixed-use development located on the former Durham Coca-Cola Bottling Co. warehouse site in Durham. Ardent plans to break ground in August on the development, which at full build-out will feature 70,000 square feet of retail space, 370 multifamily residences and 35 for-sale townhomes. Westside Bottling’s retail component is currently 70 percent preleased to tenants including Sprouts Farmers Market, Shake Shack, Ulta Beauty, Club Pilates, First Watch and Vernis Nail Salons. First Citizens Bank, which had an existing bank branch on the site, will continue to operate at Westside Bottling. The development sits three miles west of downtown Durham and north of Duke University and Duke University Medical Center.
NEW YORK CITY — Telecommunications giant Verizon (NYSE: VZ) has selected the PENN 2 office tower in Midtown Manhattan for its new corporate headquarters. The company will staff approximately 1,000 employees at its new office. Verizon signed a 19-year lease with the landlord, Vornado Realty Trust (NYSE: VNO), to occupy approximately 200,000 square feet of space on floors eight through 10. The timeline for Verizon’s occupancy at PENN 2 was not released. Josh Kuriloff, Peyton Horn, Heather Thomas and Kyle Ernest of Cushman & Wakefield represented Verizon in the lease negotiations. Glen Weiss, Josh Glick, Jared Silverman and Anthony Cugini represented Vornado on an internal basis. Located directly above the Penn Station public transit hub, PENN 2 offers direct access to 15 subway lines, the Long Island Railroad, New Jersey Transit, PATH, Amtrak and the upcoming Metro-North Railroad, which is scheduled to debut in 2027. Other tenants at PENN 2 include Major League Soccer, MSG Entertainment Corp. (operator of nearby Madison Square Garden) and Universal Music Group, which recently signed an 88,000-square-foot lease at the tower. As part of the lease agreement, Verizon employees at PENN 2 will have exclusive access to more than 25,000 square feet of outdoor space at …
Content PartnerDevelopmentFeaturesLeasing ActivityLoansMidwestMultifamilyNortheastSoutheastTexasWestern
Institutional Investors Resume Activity Amid Stabilizing Conditions
Since the Federal Reserve began raising rates in March 2022 to combat inflation, the real estate market has faced challenges such as rising interest rates, capital market volatility and economic uncertainty. These factors caused many institutional investors to pause their real estate investment activities compared to historical levels. Despite ongoing volatility, investors are gradually re-entering the market, driven by several factors. Key reasons for the pause included a challenging fundraising and capital markets environment, the unpredictable cost of capital, a scarcity of transactions leading to a lack of pricing discovery and widening bid/ask spreads. Some institutional investors were impacted by the “denominator effect,” resulting in an overweighting to real estate and the need for portfolio rebalancing. Additionally, to create bolster funds for other portfolio issues, some institutional investors entered redemption queues seeking liquidity. Broader capital market constraints reduced the availability of equity, while simultaneously driving a growing preference for structuring investments as debt rather than equity among those who remained active. During this period of muted transaction activity, private investors capitalized on the market’s dislocation. These investors increasingly prioritized their acquisition efforts toward newer vintage core and core-plus assets over value-add or development opportunities, reflecting a shift toward higher quality …
NEW YORK CITY — WeWork will open a 60,000-square-foot coworking space at 250 Broadway in Lower Manhattan. The space will encompass five of the 648,000-square-foot building’s 31 floors. Peter Riguardi, Clark Finney, Alexander Riguardi and Dana Goldman of JLL represented WeWork in the lease negotiations in conjunction with two of the company’s real estate leaders, Peter Greenspan and Whitney Anderson. Brad Gerla, Michael Rizzo and Alex Benisatto of CBRE, along with internal agent Anne Holker, represented the landlord, Am Trust RE. The opening is slated for December.
RED BANK, N.J. — Regional healthcare provider Hackensack Meridian Health has signed a 50,000-square-foot office lease in Red Bank, located near the Jersey Shore. The space is located within River Centre, a six-building, 668,107-square-foot campus. Jamie Drummond , Andrew Perrotti and Luke Reid of Newmark represented the landlord, Paramount Realty, in the lease negotiations. Suzanne Macnow of CBRE represented Hackensack Meridian.
MATTHEWS, N.C. — Development firm Pappas Properties has executed a 50,000-square-foot lease with Publix to anchor the retail component of Cadia Matthews, an 82-acre master-planned community located in Matthews, a southeastern suburb of Charlotte. The new Publix store will feature a full-service pharmacy with a drive-thru. Construction is scheduled to begin in summer 2026 and will employ approximately 150 associates upon completion. According to The Charlotte Observer, the store is expected to open by late 2027. Along with the Publix, Cadia Matthews will feature a mix of retail and dining options, as well as a community park with a performance stage. The Morgan Cos. represented Publix Super Markets in the lease negotiations.
MOUNT PROSPECT, ILL. — Seefried Industrial Properties has preleased O’Hare Logistics Center 16, a 190,606-square-foot speculative distribution facility located at 1305 E. Algonquin Road in Mount Prospect. Accelerated Global Solutions, an air cargo and freight forwarding services company, is expanding its operations into the new property upon completion. Situated on a 13-acre site, O’Hare Logistics Center 16 is located six miles north of the Chicago O’Hare International Airport and features immediate access to I-90 and I-294. Jonathan Kohn and John D’Orazio of Colliers represented the tenant, while Jason Lev, John Suerth and Jimmy Kowalczyk of CBRE represented Seefried. FCL Builders is the general contractor, Kimley-Horn is the civil engineer and Harris Architects is the architect of record.
DURHAM, N.C. — JLL Capital Markets has brokered the sale of LifeScience Logistics at Durham 85, a 250,541-square-foot industrial facility situated at 2360 Ferrell Road within Durham 85 Industrial Park. The facility, which is located 10 miles from Research Triangle Park, is fully leased by LifeScience Logistics LLC, a supply chain service provider in the healthcare and pharmaceutical industries. The facility features 32-foot clear heights, ESFR fire suppression and energy-efficient LED lighting throughout the property. Dave Andrews, Pete Pittroff, Michael Scarnato and Mike Lewis of JLL represented the seller, a joint venture between Scannell Properties and Manulife Investment Management, in the transaction. Mississippi-based EastGroup Properties purchased the facility for an undisclosed price.