EVERETT, WASH. — GXO Logistics has fully leased a 468,272-square-foot manufacturing/distribution facility at Bomarc Business Park in Everett from BOSA Development. With this lease, GXO is expanding its footprint by 35 percent at the building, located at 9205 Airport Road, in addition to extending its lease. Tom Wilson, Taylor Hudson and Ben Conwell of Cushman & Wakefield represented the landlord in the transaction. Situated on more than 30 acres, the building features 24-foot to 27-foot clear heights, dock and grade loading, office and restroom space to support dense occupancy, 673 parking stalls, and ESFR sprinklers.
LIVONIA, MICH. — Gerdom Realty & Investment has completed the lease-up of Century Plaza in Livonia. Marco’s Pizza leased the final 2,000 square feet remaining at the retail center, which is located at the northeast corner of Five Mile and Newburgh roads. Michael Murphy and Tjader Gerdom of Gerdom Realty represented the landlord, Kimco Realty Corp. Gordon Denha of CBRE represented the tenant.
KINGSTON, MASS. — The American Red Cross has signed a 5,000-square-foot retail lease at Summer Hill Plaza in Kingston, a grocery-anchored center located south of Boston in Plymouth County. Don Mace and Rob Grady of locally based advisory firm KeyPoint Partners represented the undisclosed landlord in the lease negotiations. The representative of the tenant was not disclosed.
HOUSTON — ICC Cable Corp., a provider of wiring and cable services for the energy and construction industries, has signed a 59,376-square-foot industrial lease at 10300 FM 1960 Road in northwest Houston. Cotton Munson of Davis Commercial Real Estate represented the tenant, which is relocating from a smaller space on North Sam Houston Parkway, in the lease negotiations. Michael Foreman of Cushman & Wakefield represented the undisclosed landlord.
ATLANTA — CP Group, a Boca Raton, Fla.-based office real estate investment firm, has debuted its “worCPlaces” flexible office program within its Atlanta portfolio. The concept is now available for occupancy within Lakeside Office Park and One and Two Ravinia, office properties that are located in the city’s Central Perimeter office submarket. Eric Ross, Sabrina Gibson and Stewart Thrash of CBRE will serve as leasing agents for the new worCPlaces on behalf of CP Group, which is the second-largest office landlord in the state of Georgia. Designed by Gensler and ASD|Sky, worCPlaces are amenitized workspaces that are move-in ready for office tenants. Within the Atlanta portfolio, the new spaces that have come on line include 12 individual spec suites ranging from 1,800 to 9,700 square feet on the fifth, ninth and 11th floors at One and Two Ravinia. Several of the suites include new furniture while others can be furnished by worCPlaces. Additionally, 10 spec suites ranging from 1,400 square feet to 4,600 square feet and a newly completed coworking space are all contained within a standalone, two-story building at Lakeside Office Park, a five-building, 406,000-square foot office development. The coworking spaces at Lakeside also include available furnishings; in-building, digitally …
PLAINFIELD, IND. — Rhenus Logistics has signed a 139,820-square-foot industrial lease at Gateway Business Park in the Indianapolis suburb of Plainfield. The lease transaction with the global logistics provider marks the lease-up of the entire seven-building industrial park, which is owned by Chicago-based HSA Commercial Real Estate. Headquartered in Germany, Rhenus Logistics operates across Europe, Asia, South America and the U.S. Plainfield will be the first Midwest location for the company. Nick Wigoda and Matt Kiger of Newmark represented the tenant, while Terry Busch and Jared Scaringe of CBRE represented ownership.
CHICAGO — SVN Chicago Commercial has negotiated a new lease for the former Beacon Tavern restaurant space in Chicago. Lady May, a Garrett Hospitality Group concept, will occupy the space beginning late this year. Lady May is an eatery and cocktail parlor that serves southern coastal fare. Leslie Karr and Lorile Herlihy of SVN Chicago Commercial negotiated the 10-year lease. The 6,700-square-foot property will also include an outpost of Sushi|Bar.
NEW YORK CITY — U.S. audit, tax and advisory firm KPMG has unveiled plans to relocate its headquarters to Two Manhattan West, a new office building under construction in Midtown Manhattan’s West Side neighborhood. The 58-story tower is part of Brookfield Properties’ 7 million-square-foot Manhattan West mixed-use development. KPMG’s new space at Two Manhattan West is slated for completion in late 2025. The firm will relocate its roughly 5,500 New York-based employees and lease approximately 450,000 square feet. The new lease signing represents a more than 40 percent decrease in KPMG’s existing New York office space, according to The Wall Street Journal. The newspaper reports that KPMG is pursuing a hybrid work strategy where employees are expected to gather at company or client offices on some days. The firm is following suit of a number of companies that have downsized office footprints in exchange for nicer space following the pandemic. KPMG currently occupies space at 345 Park Ave., its headquarters, as well as 560 Lexington Ave. and 1350 Sixth Ave. The firm has been based in New York City since its inception in 1897. “As we celebrate our 125th anniversary and think about our firm’s future, this is an incredible …
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Arbor: Multifamily Market Well-Positioned to Withstand Economic Headwinds
While rising interest rates, inflation and economic volatility have hurt many sectors of the economy, the rental housing market has maintained solid footing, according to Arbor Realty Trust’s Summer 2022 Special Report: Rental Housing Market Exhibits Cyclical Stability, Contains Structural Questions. The report was written by Ivan Kaufman, Arbor’s chairman and CEO, and Sam Chandan, founder of Chandan Economics. In a time of economic uncertainty, renting has become more appealing. Households seeking an affordable place to live, those who are delaying homeownership and others who prefer the flexibility and amenities associated with multifamily units all add to the increasing numbers of potential renters. Less traditional factors may also increase interest in renting, especially outside of tier-one markets. The expansion of work-from-home (WFH) culture is likely to be another reason rental demand is high right now. Meanwhile, the flexibility to work where the cost of living is lower and space is at less of a premium is pushing some renters who work remotely to explore living outside traditional hotspots. Economic Uncertainty Spreads as Interest Rate, Inflation Rise The Arbor Realty Trust report highlights a host of factors that are leading to economic uncertainty. Inflation (and its secondary effects) are contributing to …
MONCKS CORNER, S.C. — Branch Properties has added new retailers and restaurants to the tenant lineup at Moncks Corner Marketplace, a Publix-anchored shopping center in the Charleston suburb of Moncks Corner. Branch Properties co-lists the 75,267-square-foot center with Hannah Kamba and Tim Rowley of Coldwell Banker Commercial Atlantic. Set to open at the corner of U.S. Highway 52 and Cypress Gardens Road later this summer, the shopping center’s 48,387-square-foot Publix store will feature a covered outdoor café on the second floor. Other tenants joining Moncks Corner Marketplace include locally owned pub Dog & Duck; pet retailer and groomer Woof Gang Bakery; family-owned taco kitchen Viva Tacos & Tequila; Japanese restaurant Kyoto Sushi & Hibachi; Chinese takeout restaurant Super Pan; locally owned beverage store EJ’s Wine & Spirits; nail salon Magic Nail; forestry insurance firm Swamp Fox Agency; Pacific Dental Services; and hair removal studio Brazilian Wax & Spa by Claudia. In addition to Moncks Corner Marketplace, Branch Properties is currently developing six other Publix-anchored centers around the Southeast.