Leasing Activity

Platinum Home Mortgage Corp. Joins Tenant Lineup at Bell Works Chicagoland

by Kristin Harlow July 8, 2021

HOFFMAN ESTATES, ILL. — Platinum Home Mortgage Corp. (PHMC) has signed a 22,000-square-foot office lease at Bell Works Chicagoland in Hoffman Estates. The privately held mortgage company and national lender will occupy 16,000 square feet on the fourth floor and an additional 2,000 square feet on the second floor. Freedom Title Corp., an affiliated entity, will occupy 4,000 square feet on the second floor. PHMC plans to move into its new space this fall. Existing tenants at Bell Works Chicagoland include accounting firm CPA Advisors Group, mosquito control company Mosquito Hunters, and equity crowdfunding firm The Next Unicorn. Somerset Development is the owner and developer of the property, which is the adaptive reuse of the former AT&T campus. Steve King, Francis Prock and Darryl Silverman of Colliers International, along with Jeffrey Garibaldi Sr., Tara Keating and Lindsey Florio of The Garibaldi Group, serve as the leasing teams for the office space at Bell Works Chicagoland. Jason Simon of Colliers represented PHMC in its lease.

July 8, 2021

Kansas Leasing Activity Midwest Office

Summit Marketing Signs 13,400 SF Office Lease in Lenexa, Kansas

by Kristin Harlow July 8, 2021

LENEXA, KAN. — Summit Marketing, a marketing and fundraising communications firm, has signed a 13,400-square-foot office lease at Tech Center 3 within Lenexa’s Southlake Office Park. RJ Trowbridge of JLL represented the owner, City+Ventures, which purchased the property in 2019 and added new signage, exterior paint, landscaping and renovated lobbies. Southlake spans 11 buildings and 753,000 square feet. Straub Construction will build out the interior tenant space for Summit.

July 8, 2021

Leasing Activity New Jersey Northeast Restaurant Retail

Pinstripes to Open Entertainment Center in Paramus, New Jersey

by Taylor Williams July 7, 2021

PARAMUS, N.J. — Pinstripes, an entertainment concept that combines bowling and bocce ball with food and beverages, will open a new venue at Westfield Garden State Plaza in the Northern New Jersey community of Paramus. The opening is scheduled for late 2022. Unibail-Rodamco-Westfield owns the 2.1 million-square-foot property.

July 7, 2021

Industrial Leasing Activity Texas

FedEx Ground Package Service Signs 186,577 SF Industrial Lease in Fort Worth

by Taylor Williams July 6, 2021

FORT WORTH, TEXAS — FedEx Ground Package Service has signed a 186,577-square-foot industrial lease within Carter Distribution Center in Fort Worth. Built in 2018 on the city’s south side, Carter Distribution Center offers proximity to Interstates 20 and 35, as well as 32-foot clear heights and an ESFR sprinkler system. Matt Carthey and Thomas Grafton with Holt Lunsford Commercial represented the owner, PGIM, in the lease negotiations. Curt Star with Fischer & Co. represented the tenant.

July 6, 2021

Content Partner Features Leasing Activity Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Re-Evaluating Valuations: One Year Later

by Sarah Daniels July 6, 2021

Four months into the pandemic, Meghan Czechowski, valuation lead for Apprise by Walker & Dunlop and managing director of the Midwest Region, advised multifamily appraisers not to jump to conclusions about the long-term impacts of the pandemic. “We did advise caution, and it ended up playing exactly the way we thought it would: results differed market by market and asset by asset. That’s how we approach valuation at Apprise to start with, and that approach is how most of the appraisal industry wound up valuing multifamily throughout the pandemic.” Over a year after her initial assessment, Meghan spoke again to REBusinessOnline about what has changed in the world of multifamily appraisals and where those changes are trending. Incorporating Valuation Data from 2020 Early in 2020, there was a general assumption that there would be a discount in multifamily values, but there were no sales to support that assumption until June/July of last year when sales comps appeared on properties in most markets. Now it is essential to ensure that the data Apprise collects reflects the current reality. Once the shutdowns ended, data collection became easier. Czechowski says that real-time information allowed for an even better way to understand, analyze and …

July 6, 2021

Development Leasing Activity Midwest Mixed-Use Office Ohio Top Stories

Deloitte Signs Anchor Lease at Foundry Mixed-Use Project in Downtown Cincinnati

by John Nelson July 6, 2021

CINCINNATI — Deloitte, one of the Big Four global accounting firms, has signed a 30,000-square-foot anchor lease at Foundry, a mixed-use development underway in downtown Cincinnati. The developer and landlord is Cincinnati Center City Development Corp. (3CDC), a 501(c)(3) nonprofit developer that was created in 2003 by a City of Cincinnati task force. “We hope this is the first of many exciting announcements to come over the next few months, as we work to fill this essential building in our urban core with more world-class organizations like Deloitte,” says Katie Westbrook, development manager of 3CDC. Deloitte will occupy office space on the second floor of the $51 million project, which is a redevelopment of a former Macy’s-anchored building called Fountain Place. The building also housed Tiffany & Co., Palomino Restaurant and Booksellers on Fountain Square before they all closed their doors. Travis Likes and Scott Yards of CBRE represented 3CDC in the lease deal. Construction on Deloitte’s new space will begin immediately and is expected to be complete in late 2021 or early 2022. Foundry will ultimately feature 150,000 square feet of revitalized office space, 35,000 square feet of ground-level retail and restaurant space and 164 underground parking spaces that …

July 6, 2021

Industrial Leasing Activity North Carolina Southeast

Upper Deck Signs 126,000 SF Industrial Lease at Alexander Commerce Park in Durham

by Julia Sanders July 2, 2021

DURHAM, N.C. — The Upper Deck Co., a Carlsbad, Calif.-based worldwide sports and entertainment company, has signed a lease to occupy a full building totaling 126,000 square feet at Alexander Commerce Park in Durham. Upper Deck will be Alexander Commerce Park’s first tenant. Upper Deck’s lease will serve as the company’s East Coast office. Colton Clifton with BPG Management represented the tenant in the lease transaction. Austin Nagy, Ann-Stewart Patterson and Bryan Everett of CBRE represented the landlord, Trinity Capital. Alexander Commerce Park is a Class A industrial park featuring three buildings totaling 441,000 square feet. The property will be located on TW Alexander Drive in Durham’s Research Triangle Park. The remaining two buildings are 189,280 square feet and 126,000 square feet. Construction is underway with a completion date in the first half of 2022. Designed by DMA Architects, the buildings will feature 32-foot clear heights, ESFR fire protection and three primary entrances along each façade to allow for easy subdivision for multiple tenants. In addition to Alexander Commerce Park, Trinity Capital is currently developing 147 Exchange in Durham and wrapping up development at Eastgate 540, a six-building, 980,000-square-foot industrial park in Raleigh’s East Wake submarket.

July 2, 2021

Somerset-Corporate-Center-V-Bridgewater-New-Jersey

Leasing Activity New Jersey Northeast Office

Qualcomm Signs 95,579 SF Office Lease Extension in Bridgewater, New Jersey

by Taylor Williams July 2, 2021

BRIDGEWATER, N.J. —Qualcomm has signed a 95,579-square-foot office lease extension at Somerset Corporate Center V in Bridgewater, located in the central part of the Garden State. The San Diego-based tech giant has been a tenant at the five-building, 1.2 million-square-foot campus since 2007. New York City-based SJP Properties owns Somerset Corporate Center. The campus includes a 170,000-square-foot athletic facility, a 31,000-square-foot coworking space, a 150-room AC Hotel by Marriott and multiple food and beverage options. Somerset Corporate Center is also located near both Newark International Airport and New York City and offers access to public transportation, including shuttle service to the Somerville train station just two miles from the property.

July 2, 2021

Industrial Leasing Activity Massachusetts Northeast Office

Avison Young Negotiates 40,650 SF Industrial Flex Lease in Metro Boston

by Taylor Williams July 2, 2021

MARLBOROUGH, MASS. — Avison Young has negotiated a 40,650-square-foot lease at an industrial flex property located at 753 Forest St. in Marlborough, a western suburb of Boston. Built in 1986, the 75,000-square-foot property can accommodate office, storage, distribution and technical training uses. Bill Sullivan and Jon Pezzoni of Avison Young represented the tenant, Richardson Electronics, and the landlord, True Associates of Westwood, in the lease negotiations.

July 2, 2021

Illinois Leasing Activity Midwest Office

U.S. Xpress Enterprises Signs 40,000 SF Office Lease in Chicago’s River North

by Kristin Harlow July 2, 2021

CHICAGO — U.S. Xpress Enterprises Inc. (NYSE: USX) has signed a long-term lease for approximately 40,000 square feet of office space encompassing three floors at 306 West Erie in Chicago’s River North. The building, owned by North Wells Capital and Urban Innovations, has now reached full occupancy. Xpress, a truckload carrier that is expanding and relocating its offices from within the same area, is slated to begin occupying the new space in the first quarter of 2022. Xpress Technologies, the company’s digitally enabled freight brokerage division, will occupy the bulk of the new space. The division has more than doubled the size of its workforce nationwide since mid-2020. Part of a three-building collection known as Verso, 306 West Erie recently underwent a renovation and expansion following North Wells’ acquisition of the property in 2017. New amenities include a sixth-floor tenant lounge and gaming area as well as an outdoor terrace. JLL is the leasing agent for the entire Verso portfolio. Melissa Rubenstein, Annie Nicolau and Anna Panici of JLL represented ownership in the lease transaction with Xpress. Dan Persa of CBRE represented the tenant.

July 2, 2021

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