GRAND PRAIRIE, TEXAS — Third-party logistics and supply chain management firm Morrison Express Corp. has signed a 73,962-square-foot industrial lease at GSW Distribution Center in Grand Prairie, located roughly midway between Dallas and Fort Worth. Blake Anderson of Newmark represented the tenant in the lease negotiations. CBRE represented the landlord, Morris Truman Associates LLC.
NORTHBOROUGH, MASS. — Metrie, a manufacturer and distributor of interior finishings, has signed a 121,623-square-foot industrial lease expansion at 301 Bartlett St. in Northborough, located in Worcester County. Bill Sullivan, Jon Pezzoni and Matt Walker of Avison Young represented the tenant, which originally occupied 58,123 square feet before expanding by an additional 65,000 square feet, in the lease negotiations. Colliers International represented the undisclosed landlord. Metrie will take occupancy of its expanded space in October.
WYNNEHAVEN BEACH, FLA. — MAB American Management LLC has signed Publix to a lease to anchor Wynnehaven Plaza, MAB’s newest shopping center development located at the northwest corner of US Highway 98 and Rosewood Drive in Wynnehaven Beach. Wynnehaven Plaza will feature a 48,387-square-foot Publix store along with a 2,100-square-foot Publix Liquor store on 10 acres of land. In addition to Publix, MAB is now preleasing business storefronts in the eight-unit inline building adjacent to Publix, as well as a two-unit freestanding pad site. MAB recently broke ground on the project in July 2021 and is expected to complete the shopping center by 2022. The development cost for Wynnehaven Plaza is expected to exceed $20 million.
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Multifamily Outlook: Growth Undiminished by Pandemic-Related Disruptions
The Roaring ’20s and the Great Wealth Transfer The United States is well on a path of recovery from the COVID-19 pandemic shutdown that began in March 2020. More than 60 percent of the U.S. population has now received at least one dose of the vaccine, and more than half are fully vaccinated. Those figures increase significantly by age, particularly for the 65+ population[1]. The economy is booming this year — it is estimated to have grown by 7.8 percent[2] in the second quarter following 6.4 percent growth in the first quarter of 2021. Unemployment remains low at 5.9 percent in June due to 7.9 million jobs created in the past year. Retail sales are up by 23 percent year-over-year.[3] Even the battered restaurant industry has recovered, with sales again surpassing grocery sales as of April 2021. Pandemic-induced disruptions to labor and trade finally began showing in inflation figures. Even excluding the more volatile food and energy sectors, inflation soared from 1.6 percent in March to 4.5 percent in June, the highest pace since 1991. However, expectations are that the price pressure is a temporary adjustment as the economy recovers. Core inflation is expected to end the year at around 2.2 …
ARLINGTON, TEXAS — K&M Tire, a family-owned regional distributor of tires, wheels and tubes, has signed a 201,600-square-foot industrial lease renewal at Arlington Tech Center. Matt Dornak, Ryan Boozer, Luke Davis and Lena Pierce with Stream Realty Partners represented the undisclosed landlord and the tenant in the lease negotiations.
JERSEY CITY, N.J. — Locally based printing and mailing firm LOGON has signed a 41,000-square-foot industrial lease renewal and added 30,000 square feet to its footprint at the Lackawanna Warehouse Building, a 1.5 million-square-foot industrial property in Jersey City. Dan Reider, Justin Pollner and John Crawford represented the tenant, which has occupied space at the property since 2004, in the lease renewal and expansion negotiations. Jeremy Modest represented the landlord, Solil Management Co., on an internal basis.
WYOMING, MICH. — 3 Gatos Brewery has opened its first location within Chateau Centre at 1760 44th St. in Wyoming, a southern suburb of Grand Rapids. At 3 Gatos Brewery, the food and beer are influenced by Brazilian and German cultures. The founders, Linus and Renata De Paoli, named the brewery after their three cats. Rod Alderink of NAI Wisinski of West Michigan represented the undisclosed landlord. Todd Roesler of Keller Williams GR East represented the tenant.
HOUSTON — Colliers International has negotiated a full-building, 134,800-square-foot industrial lease at Langfield Distribution Center in Houston. The newly built property sits on 8.5 acres and includes 32-foot clear heights, 56 employee parking spaces and 33 trailer parking stalls. John Nicholson and Trey Horne of Colliers represented the landlord, Boston-based Cabot Properties, in the lease negotiations. Billy Gold of CBRE represented the tenant, JFC International, a wholesaler and distributor of Asian food products.
GRAND PRAIRIE, TEXAS — Fidelity Paper & Supply, a distributor of packaging supplies and materials, has signed a 107,082-square-foot lease within Heller Industrial Park in the central metroplex city of Grand Prairie. John Brewer and Riley Maxwell of Transwestern represented the landlord in the lease negotiations. Cameron Rogers with Rubicon Representation represented the tenant.
PARK RIDGE, N.J. — PIM Brands Inc., a manufacturer of fruit snacks and related products, has opened a new global headquarters in Park Ridge, a borough located in Bergen County. The single-tenant building previously housed the headquarters of Hertz Corp. and recently underwent a $25 million renovation. The new 111,000-square-foot headquarters includes research and development space, tasting and sensory labs, graphics studios, retail plan-o-gram layout rooms and remote office and conference space. About 150 employees will work at the new office. The products of PIM Brands, which is part of The Promotion in Motion Family of Cos., include Welch’s Fruit Snacks, Sun-Maid Chocolate Raisins and Original Gummi FunMix.