Leasing Activity

DraftKings to Anchor $400M UnCommons Mixed-Use Project in Las Vegas

by John Nelson October 5, 2021

LAS VEGAS — DraftKings Inc., a fantasy and digital sports betting company based in Boston, plans to open its second largest office hub within UnCommons, a $400 million mixed-use development underway in southwest Las Vegas. DraftKings will occupy 90,000 square feet and ultimately house more than 1,000 employees at the new offices. Matter Real Estate Group, a San Diego-based developer, broke ground on the 40-acre project last summer and plans to deliver the first phase of the campus in early 2022. “Our goal is to create another world-class workplace environment that will foster DraftKings’ innovation, further bolster our local presence and deepen community involvement,” says Matt Kalish, co-founder and president of the North America division of DraftKings (NASDAQ: DKNG). “With these lofty aspirations, we were thrilled to discover that UnCommons mirrors these high standards.” Designed by IA Interior Architects, DraftKings’ new space will mirror its Boston headquarters with 130 sports trading desks surrounded by multimedia walls. The property will also include collaborative work spaces, a cafeteria, putting green, custom casino training pit, private and public outdoor spaces, mothers’ rooms, prayer suites and salons for haircuts and manicures/pedicures. UnCommons will comprise more than 500,000 square feet of modern office space; more …

October 5, 2021

Illinois Leasing Activity Midwest Retail

Ashley HomeStore Signs 48,397 SF Lease for New Store at Algonquin Commons in Suburban Chicago

by Kristin Harlow October 4, 2021

ALGONQUIN, ILL. — Ashley HomeStore has signed a 48,397-square-foot retail lease at 1500 S. Randall Road within Algonquin Commons, a 600,000-square-foot lifestyle center in the northwest Chicago suburb of Algonquin. The retailer is relocating from nearby 2451 S. Randall Road where it operated for 12 years. Brad Murchison, Chris Irwin and Brad Belden of Colliers International represented the tenant in the lease transaction. Marget Graham of Mid-America Real Estate Group represented the landlord, Red Mountain Retail Group Inc. Based in Wisconsin, Ashley is a furniture manufacturer that operates more than 900 locations nationwide.

October 4, 2021

Industrial Leasing Activity Texas

Newmark Secures 89,060 SF Industrial Lease Extension in Houston

by Taylor Williams October 4, 2021

DESOTO, TEXAS — Newmark has secured an 89,060-square-foot industrial lease extension at 10634 Tanner Road in Houston. According to LoopNet Inc., the property was built in 2015 and spans 214,811 square feet. Rob Stillwell, Si Pitstick and Josh Young of Newmark represented the tenant, Ohio-based wholesaler TSC Apparel LLC, in the lease negotiations. JLL represented the landlord, an entity doing business as WPT Apex DCLP.

October 4, 2021

Leasing Activity Michigan Midwest Office

Revitalist Signs 3,765 SF Office Lease in Novi, Michigan

by Kristin Harlow October 1, 2021

NOVI, MICH. — Revitalist LLC has signed a 3,765-square-foot office lease at Americore Office Center in Novi. The company specializes in treatments for pain management and mental health. Andrew Bower and Steve Eisenshtadt of Friedman Real Estate represented the tenant in the lease transaction. The landlord was not disclosed. Constructed in 1987, Americore Office Center rises three stories and spans 25,500 square feet.

October 1, 2021

Industrial Leasing Activity Texas

Louis Vuitton North America Signs 211,100 SF Industrial Lease Near Fort Worth

by Taylor Williams October 1, 2021

COPPELL, TEXAS — Louis Vuitton North America Inc. has signed a 211,100-square-foot industrial lease at 220 Freeport in the Fort Worth suburb of Coppell. Blake Anderson, Tom Carragher, Adam Petrillo, Al Petrillo, Craig Engelhardt, Jeff Cannon, Chris Koeck and Steve Korfiatis of Newmark represented the tenant in the lease negotiations. Transwestern represented the landlord, Prologis.

October 1, 2021

Georgia Leasing Activity Office Southeast

Visa Leases 123,000 SF of Office Space in Midtown Atlanta

by Julia Sanders September 30, 2021

ATLANTA — Cousins Properties has signed Visa to a long-term, 123,000-square-foot lease at 1200 Peachtree St. in Midtown Atlanta. Visa, a multinational financial company based in Foster City, Calif., is expected to create about 1,000 new jobs in the region over the next several years as the company establishes a permanent office in Atlanta. Visa is slated to occupy the property by the fourth quarter of 2022. Atlanta-based real estate investment trust Cousins Properties acquired 1200 Peachtree in 2019 from Norfolk Southern Corp. When Norfolk Southern moves out of 1200 Peachtree and into its new building at the end of this year, Cousins Properties will redevelop the property for multi-tenant use. The redevelopment project will include renovations of the ground floor to create both indoor and outdoor amenities.

September 30, 2021

Industrial Leasing Activity Texas

HGR Industrial Surplus Signs 184,723 SF Lease at Junction 20/35 in Fort Worth

by Taylor Williams September 30, 2021

FORT WORTH, TEXAS — HGR Industrial Surplus has signed a 184,723-square-foot lease at Junction 20/35, a 1.1 million-square-foot industrial development in Fort Worth. Built in 1989 and renovated in 2021, the property is located at the nexus of Interstates 20 and 35. The owner, Los Angeles-based CIM Group, purchased the asset in 2020. Following this deal, Junction 20/35 is now fully leased.

September 30, 2021

Leasing Activity Northeast Office Pennsylvania

Compass Inc. Signs 17,239 SF Office Lease at 1430 Walnut St. in Philadelphia

by Taylor Williams September 30, 2021

PHILADELPHIA — Real estate technology firm Compass Inc. has signed a 17,239-square-foot office lease at 1430 Walnut St. in Philadelphia. Built in 2015, the property also houses tenants such as The Cheesecake Factory and Verizon Innovation Center. Craig Scheuerle and Matthew Guerrieri of Newmark represented the landlord and developer, Midwood Investment & Development, in the lease negotiations. Joshua Meltzer and Jay Joyce of Savills Inc. represented the tenant.

September 30, 2021

Walker Dunlop Williams Small Multifamily

Acquisitions Content Partner Features Leasing Activity Loans Midwest Multifamily Northeast Single-Family Rental Southeast Texas Walker & Dunlop Western

Small-Balance Multifamily: Sizable and Resilient

by Sarah Daniels September 30, 2021

While new-builds and top-of-the-line, large-scale developments typically attract the most buzz in the multifamily world, the vast majority of apartment properties in the United States have fewer than 100 units. These smaller properties play a vital role in delivering affordable and workforce rental housing inventory to the U.S. population. While the commercial real estate industry may refer to this sector of the multifamily market as “small,” make no mistake, “small” multifamily is not insignificant or inferior — it’s sizable and resilient. As other commercial real estate sectors paused during COVID-19, smaller multifamily properties and small-balance lending thrived. What does the future hold for this market? The Small Multifamily Market Defined The small multifamily market is highly fragmented with no clear definition of what constitutes “small” among capital sources. Generally, market statistics define the “small” multifamily sector by at least one of two measures: Unit count between five and 99 units; and/or Principal loan balance at origination between $1 million and $10 million[1] Strong Demand and Operating Fundamentals While the pandemic negatively impacted many areas of commercial real estate, with offices, retail shops and hotels largely shuttered across the U.S., the multifamily market remained resilient. Despite the past year’s challenges, multifamily …

September 30, 2021

Industrial Leasing Activity Texas

Good Sportsman Marketing Signs 494,238 SF Industrial Lease in Dallas

by Taylor Williams September 29, 2021

DALLAS — Good Sportsman Marketing, a designer and distributor of branded hunting accessories, has signed a 494,238-square-foot industrial lease at Passport Logistics Center in Dallas. The development spans 1.2 million square feet across three buildings and is located on the city’s north side. Blake Kendrick and Charles Brewer with Stream Realty Partners represented the landlord, Brookfield Properties, in the lease negotiations. Sarah Ozanne, also with Stream, represented the tenant.

September 29, 2021

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