DALLAS — Galderma, a Swiss dermatology company known as the maker of Cetaphil, will relocate its U.S. headquarters to Trammell Crow Center, located at 2001 Ross Ave. in The Dallas Arts District. The lease spans 50,000 square feet across the 16th and 17th floors. About 400 people will work out of the new headquarters space. Galderma plans take occupancy next summer. Trammell Crow Center offers a 9,000-square-foot athletic club, 1.4 acres of outdoor space, a 9,000-square-foot conference center and a convenient market, as well as 200 boutique hotel rooms.
PLAINFIELD, IND. — Omada Worldwide Expedite Inc., an independent family-owned transportation company, has expanded its industrial lease to 42,497 square feet at Gateway Business Park in Plainfield near Indianapolis. Omada previously occupied 12,000 square feet at the property, which is owned by Chicago-based HSA Commercial Real Estate. Ryan Kelly of Colliers represented the tenant, while Terry Busch and Jared Scaringe of CBRE represented ownership.
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Multifamily Investment Sales Strong in Southern States; Gaining More Interest in Midwest
Multifamily investment benefitted from the uncertainties of the past year, but will the transaction volumes of 2021 be used to gauge the likely outcomes for 2022? Managing directors Todd Stofflet and Jason Stevens of Walker & Dunlop’s Chicago office review 2021 and what the trends of this year indicate for the direction of the industry. REBusiness: What have you seen regarding multifamily investment activity this year? Stofflet: Early in the pandemic, we saw a lot of investment pull away from retail and office, focusing more on industrial and multifamily. In 2021, the multifamily sector has fared very well and a lot of new investors have entered the multifamily market. If you talk to some of our colleagues in the Southeast and the “smile states,” they will tell you that transaction volume has never been higher and the amount of capital chasing these opportunities has never been bigger. Across the country, it has been a very strong year for the sector. REBusiness: Do you think 2021 will be a record year in terms of sales? Stevens: If our pipeline is any barometer for that, the answer is “absolutely,” but it will be market dependent. What you’ll find is that sales in …
TAMARAC, FLA. — Avison Young has arranged a 47,851-square-foot long-term office lease at Westpoint Business Center in Tamarac. Tom Viscount of Avison Young represented the tenant, Sonny’s Enterprises, in the lease transaction. Sonny’s Enterprises, a Tamarac-based international manufacturer and marketer of conveyorized car wash equipment, parts and supplies, is relocating its corporate offices to Westpoint Business Center. The company already occupies 350,000 square feet within Westpoint Distribution Center, a warehouse park next to Westpoint Business Center. Westpoint Business Center is a freestanding, two-story building. Located at 5870 Hiatus Road, the Westpoint Business Center is located off the Sawgrass Expressway and Commercial Boulevard, and the property has access to the Florida Turnpike. The property is also about 20.6 miles from the Fort Lauderdale-Hollywood International Airport and 21.7 miles from Port Everglades.
FORT WORTH, TEXAS — RSI SmartCap, a provider of stainless steel truck cap systems, has signed a 391,985-square-foot industrial lease at Building F within Carter Distribution Center in Fort Worth. The four-building complex is located within Carter Industrial Park and features 32- to 36-foot clear heights, an ESFR sprinkler system and ample car and trailer parking spaces. Matt Carthey and Thomas Grafton of locally based brokerage firm Holt Lunsford Commercial represented the landlord, PGIM Real Estate, in the lease negotiations. Grant Pruitt with Whitebox Real Estate represented the tenant.
ELMWOOD PARK, N.J. — BioReference Laboratories, an operator focused on the genetics, women’s health, oncology and urology fields, has signed a 160,000-square-foot life sciences lease renewal in the Northern New Jersey community of Elmwood Park. The tenant now operates three full-building labs totaling 209,904 square feet at 481, 487 and 491 Edward H. Ross Drive. Chris Olsen of Eagle Real Estate Group represented the tenant in the lease negotiations. Stephen Jennings represented the landlord, New Jersey-based Alfred Sanzari Enterprises, on an internal basis.
CHICAGO — Edie’s All Day Café & Bar has signed a lease for approximately 4,000 square feet of ground-floor space at Kingsbury Center in Chicago. Scheduled to open in spring 2022, the new location is Edie’s second in Chicago’s River North neighborhood. Edie’s will offer a café, restaurant, workspace and wine bar. Kingsbury Center is a six-story, 90,689-square-foot office building owned by an affiliate of Next Realty LLC and The Habitat Co. David Goldberg and Allan Perales of Goldstreet Partners represented Edie’s in the lease transaction.
NEW YORK CITY — Bloomberg has signed a 191,207-square-foot office lease expansion at 919 Third Avenue in Manhattan. The media giant is taking an additional five floors, increasing its total footprint at the 47-story, 1.5 million-square-foot building to 748,415 square feet. Craig Reicher and Howard Fiddle of CBRE represented Bloomberg in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Chabrier and Alex D’Amario of CBRE represented the landlord, SL Green. The building is currently undergoing renovations.
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Cordish to Sell Three East Coast Casinos in $1.8B Deal with Gaming and Leisure Properties
PHILADELPHIA, PITTSBURGH AND HANOVER, MD. — The Cordish Cos., a privately held retail entertainment and hospitality owner and operator based in Baltimore, has reached a sale-leaseback agreement with Gaming and Leisure Properties Inc. (NASDAQ: GLPI) for three of Cordish’s East Coast casinos. The properties include Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh. Under terms of the agreement, Cordish will immediately lease back all the properties and continue to own, control and manage all the gaming operations of the facilities. The leases will have an initial term of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. The total price was approximately $1.8 billion, including applicable long-term ground leases. Consideration for the three-property real estate transactions will comprise a mix of qualified debt assumption (to be satisfied by GLPI), cash and $323 million of newly issued operating partnership units. The transaction for the three properties includes a binding partnership on future Cordish casino developments. For seven years post-closing, GLPI will co-invest with Cordish on any new gaming development projects and provide 20 percent of Cordish’s equity on those projects. (This agreement excludes existing Cordish or third-party gaming licensed facilities.) …
When the pandemic engulfed the world last year, few analysts predicted that the multifamily sector would flourish and thrive so well. Most suspected that the sector would be on life support. Yet, despite a year-long national eviction moratorium, there hasn’t been a better time to be a big apartment-building landlord. Multifamily-property values have increased 13 percent since before the pandemic and more money is being invested now in apartment buildings than in any other type of commercial real estate. How did this happen and what explains this? Lee & Associates’ research will delve into why the multifamily sector, contrary to past predictions and present-day misperceptions, is flourishing as never before. 1. Measured on an annual basis, national asking rents rose 10.3 percent in August. That marked the first double-digit increase in the more than 20 years the data of 13 million professionally managed apartments has been collected, and in several cities, the rent increases were much more significant than the national figure.[1] August rents rose more than 20 percent year-over-year in Phoenix, Las Vegas and Tampa. Similarly, monthly rents were up more than 20 percent in comparable markets such as Boise, Idaho and Naples, Florida. 2. Multiple factors explain this …