HAZELWOOD, MO. — CBRE has pre-leased a total of 382,105 square feet of industrial space to four tenants at Aviator Business Park in Hazelwood, a suburb of St. Louis. The pre-leased space is part of the latest expansion to the 155-acre industrial park. Three new buildings are slated to open later this month and are now 60 percent pre-leased. The new tenants include Pretium Packaging, which leased 178,128 square feet in Aviator 6; Federal Moving and Storage, which leased 97,734 square feet in Aviator 6, Community Wholesale Tire, which will occupy 76,058 square feet in Aviator 2; and Rivian, which inked a lease for 30,185 square feet in Aviator 5. Katie Haywood and John Frith of CBRE handled lease negotiations on behalf of the landlord and developer, California-based Panattoni Development Co. Inc. Kadean Construction is the general contractor. Panattoni purchased the Hazelwood Ford property in 2008 with plans to build Aviator Business Park. To date, the developer has completed six buildings that are fully occupied by tenants such as Graybar, International Foods and Weekends Only. Once the three new buildings are completed, the park will total more than 2.7 million square feet.
Leasing Activity
COLUMBUS, OHIO — Lacrosse Unlimited has opened a new store in the Worthington area of Columbus. Located at 2245 W. Dublin Granville Road, the store marks the 46th location nationwide and the first in Ohio for the lacrosse equipment supplier. Lacrosse Unlimited was founded in 1990 by the DeSimone family, avid lacrosse players, and is headquartered in Edgewood, N.Y.
COLUMBUS, OHIO — Lucky’s Market will join the tenant lineup at Thurber Village, a shopping center in Columbus undergoing redevelopment to include both retail and residential space. Lucky’s, a family-owned independent grocery store, will offer a mix of natural foods, fruits and vegetables. CASTO has owned Thurber Village since 2005. Redevelopment plans call for a 13,000-square-foot CVS store, a 21,000-square-foot Lucky’s store and 225 apartment units. The new CVS store will replace an existing CVS location. Construction is expected to begin this fall.
LAWRENCEVILLE, N.J. — Delaware Valley Retina Associates has signed a 5,938-square-foot healthcare lease renewal at Princess Road Office Park in Lawrenceville, a northern suburb of Trenton. Larken Associates owns the property, which comprises 47,094 square feet of office and medical office space across two buildings on a nine-acre site. Vinny DiMeglio of JLL represented the tenant in the lease negotiations.
HOUSTON — Atlanta-based investment management firm Invesco has signed a 180,218-square-foot office lease extension at Greenway Plaza, a 52-acre development located in between Houston’s Uptown and downtown districts. The tenant has re-committed to Eleven Greenway Plaza for a term in excess of 10 years. Amanda Nebel represented the landlord, Parkway, in the lease negotiations on an internal basis. John Shlesinger of CBRE represented Invesco. The 31-story, 745,871-square-foot building is now 87 percent leased.
RICHMOND, VA. — Planet Fitness has leased 17,476 square feet at Stony Point Village, a 114,422-square-foot shopping center located at 3000-3096 Stony Point Road in Richmond. The fitness chain expects to open the new location, its fifth in the Richmond market, this winter. Nicki Jassy of Cushman & Wakefield | Thalhimer represented Planet Fitness in the lease negotiations. James Ashby IV, also with Thalhimer, represented the unnamed landlord. In addition to the new Planet Fitness, Stony Point Village’s tenant roster includes Trader Joe’s, Good Foods Grocery, Gelati Celesti and Einstein Bros. Bagels.
CARLISLE, PA. — Colliers has negotiated a 114,142-square-foot industrial lease at 1400 Distribution Drive in Carlisle, a western suburb of Harrisburg. According to LoopNet Inc., the property was built in 2005 and totals 550,184 square feet. Mark Chubb, Michael Zerbe and Summer Coulter of Colliers represented the landlord, Prologis, in the lease negotiations. The name and representative of the tenant were not disclosed.
LEVITTOWN, N.Y. — Advance Auto Parts has signed a 7,000-square-foot retail lease at Levittown Mews Shopping Center on Long Island. Robert Delavale of Breslin Realty represented the landlord in the lease negotiations. The representative of the tenant was not disclosed. Other tenants at Levittown Mews include Walmart Neighborhood Market, Ulta Beauty, America’s Best Contacts & Eyeglasses, Lane Bryant and European Wax Center.
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Multifamily Developers Must Find Balance Between Density, Amenities
Finding a balance between density and amenities has never been simple for residential developers, but rising interest rates, density restrictions and an increased desire to solidify multifamily projects within the community mean that there is much to be gained from creative approaches to this old problem. Starting the process of planning early, using zoning to the developer’s advantage and creating an adaptable, sustainable and welcoming place for tenants can allow for a successful project with a lower overall price tag. This method can solve some of the trickier problems faced by multifamily developers, including density, parking and zoning considerations. Starting Off Right — Creating a Master Site Plan Success in multifamily is easier to achieve if the project starts with a shared team vision from the outset, says Bill Rearden, principal at Bohler, a land development design and consulting firm. Rearden explains that Bohler has its own planning, landscape architecture and survey teams and works with many industry partners for environmental and geotechnical due diligence. “We work with these teams in the very early stages to understand what the configuration of a property is and what its constraints are. We know upfront any underlying zoning a property might have, so …
LOUISVILLE, KY. — Inxeption, a Silicon Valley-based industrial commerce and supply chain digitization firm, has opened its new offices at PNC Tower in downtown Louisville. The firm, which supports software and several apps for the logistics industry, is occupying 18,000 square feet on the 29th floor. Inxeption says the new regional headquarters space will be able to accommodate up to 200 employees over the next five years. Kentucky Gov. Andy Beshear and Louisville Mayor Greg Fischer are scheduled to appear at a ribbon-cutting ceremony for the office. Inxeption’s operations, sales and technology employees at PNC Tower will have immediate access to the nearby Fourth Street Live! and Louisville Slugger Field, home of the Louisville Bats Minor League Baseball team. “In the last two years, Inxeption has integrated itself into the business community in Louisville, a crucial logistics hub,” says Josh Allen, Inxeption’s chief compliance officer and first Louisville employee. “We continue to undergo substantial growth, so we have strategically renewed our commitment to the city by relocating to a space that can scale as we expand our supply chain operations in support of more industrial businesses.” The new offices come on the heels of Inxeption’s latest financing round at a …