MONROE, N.Y. — Five Below will open a 11,012-square-foot store at Harriman Commons, a 706,243-square-foot retail power center in Monroe, about 45 miles north of Manhattan. Jeff Howard of RIPCO Real Estate represented Five Below, which is backfilling a space formerly occupied by Ulta Beauty, in the lease negotiations. The landlord, RD Management, was self-represented. Following the execution of this lease and a 1,650-square-foot deal with Rightly Dental, Harriman Commons is 98 percent leased.
ARLINGTON, VA. — Jamestown has signed three new office tenants to join Ballston Exchange, a mixed-use campus located in the Washington, D.C., suburb of Arlington. The newcomers include Management Sciences for Health (MSH), EPIGEN and COMTO. Cresa represented MSH and COMTO in their lease negotiations, and Cushman & Wakefield represented Jamestown in all three deals, as well as EPIGEN. All together the three new tenants will occupy 30,000 square feet of space. Other tenants at Ballston Exchange include Booz Allen Hamilton, Insurance Institute for Highway Safety (IIHS) and CENTRA Technology. Retailers and restaurants include Shake Shack, Orangetheory Fitness, CorePower Yoga, Greenheart Juice Shop, Dunkin’, Cava, The UPS Store and Bearded Goat Barber, among others.
MINNEAPOLIS — Owner Accesso has completed new office leases or renewals totaling 57,113 square feet at IDS Center in Minneapolis. The tenants, which are in various industries such as finance, legal and business consulting, include: Fabyanske, Westra, Hart & Thomson; Hursch Blackwell LLP; WiseFool; Bremer Bank National Association; Mattel Sales Corp.; and Lathrop GPM. IDS Center rises 47 stories and totals 1.4 million square feet.
ANN ARBOR, MICH. — Fitness concept Stretch Lab has signed a 1,207-square-foot retail lease at the Uptown Ann Arbor mixed-use development in Ann Arbor. Other retail tenants at the property include Beyond Juice, Marco’s Pizza, Banfield Pet Hospital, Paint Nail Bar, Detroit Wing Co. and The Great Greek. Stephen Smith of TNF Realty represented Stretch Lab in the lease. Michael Murphy, Vicki Gutowski and Tjader Gerdom of Gerdom Realty & Investment represented the owner, Beztak Properties.
SANTA CLARITA, CALIF. — The Center at Needham Ranch, a 1.7 million-square-foot industrial park in Santa Clarita, has reached full occupancy. Beverage manufacturer DrinkPAK has leased the last two buildings in the final phase of the development. This will expand the company’s footprint at the center to 965,000 square feet. Construction on the final phase will be completed by year-end 2023. DrinkPAK will occupy the 107,522-square-foot Building 17 and the 85,802-square-foot Building 18 at the center. The company had previously pre-leased the entire 198,451-square-foot Building 14, following its leasing of 172,324 square feet of space in Building 2 in October 2020 and 400,095 square feet in Buildings 3 and 4 in April 2021. The Center at Needham Ranch is a joint venture between Trammell Crow Co. and Clarion Partners. Patrick DuRoss, John DeGrinis and Jeff Abraham of Newmark represented DrinkPAK in the most recent lease. CBRE’s Craig Peters, Cameron Merrill and Doug Sonderegger are the center’s leasing agents.
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Lee & Associates’ First-Quarter 2023 Sector-by-Sector Analysis Indicates Market-Wide Cooling
High interest rates and economic uncertainty in the first quarter of this year contributed to lower absorption and declining rent growth in industrial, retail and multifamily sectors across the country, with some regional exceptions, according to Lee & Associates’ 2023 Q1 North America Market Report. Meanwhile office continues to struggle. The sector experienced its third-largest quarterly contraction since the beginning of the pandemic, as work-from-home preferences decoupled office occupancy from job growth numbers. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside trends, economic background and exceptions within each sector. Industrial Overview: Sharp Decline Hits First-Quarter U.S. Demand There was a sharp first-quarter decline in U.S. tenant demand for industrial space as wholesalers and retailers reconsider their inventory levels out of caution over the economic outlook. Net absorption in the first quarter totaled 39.4 million square feet, a 57 percent drop from the record set a year ago. The overall U.S. vacancy rate settled at 4.4 percent, an increase of 40 basis points from the close of 2022, comfortably …
AUSTIN, TEXAS — Dallas-based law firm Locke Lord has signed a 27,826-square-foot office lease at 300 Colorado St. in downtown Austin. The firm is relocating from 600 Congress Ave. to the 32-story building, which houses a 13-story parking deck, onsite restaurant, conference center, catering kitchen and a fitness center. Atlanta-based Cousins Properties owns the property in a joint venture with Riverside Resources and Ironwood Real Estate.
IRVING, TEXAS — Cushman & Wakefield has negotiated a 12,647-square-foot office lease at Riverside Commons in Irving. The six-building, 467,285-square-foot office campus offers a café, fitness center and two conference facilities. Johnny Johnson and Rodney Helm of Cushman & Wakefield represented the undisclosed landlord in the lease negotiations. Ryan Buchanan and Josh White of CBRE represented the tenant, design and engineering firm KAI Enterprises.
SANTA FE SPRINGS, CALIF. — Asian and Hispanic e-grocer Weee! Inc. has leased space at Prologis Mid Counties Distribution Center in Santa Fe Springs. The new space at 13215 Cambridge St. will allow the company to expand from its existing cold storage facility in La Mirada. CBRE’s Ben Seybold and Rick McGeagh represented Prologis in the lease negotiations.
DELRAY BEACH, FLA. — PEBB Enterprises has signed new retail leases totaling 27,099 square feet at Delray Landing, a shopping center the company is currently redeveloping in Delray Beach. Retro Fitness will occupy 17,299 square feet at the property, and Crown Wine will lease 4,100 square feet. Keke’s Breakfast Café and a dentist office will also open at the center, leasing 4,200 and 1,500 square feet, respectively. Sprouts Farmers Market anchors the property, which is also leased to Burger King and Taco Bell. PEBB acquired the shopping center, which is located at 5024-5070 W. Atlantic Ave., in June 2021 in a joint venture with Topvalco Inc. A grand reopening is scheduled for this summer.