KING OF PRUSSIA, PA. — The Perelman School of Medicine at the University of Pennsylvania has signed a 150,000-square-foot life sciences lease at Discovery Labs’ 1 million-square-foot campus on Swedeland Road in King of Prussia, a northern suburb of Philadelphia. The university will use the space for its gene therapy program, which centers on researching gene functionality and development of genetic medicines for rare diseases. The lease encompasses two buildings. Discovery Labs is an affiliate of MLP Ventures, which was represented internally by Joe Corcoran and Julian O’Neill in the lease negotiations. Joe Fetterman of Colliers International represented the university.
LEAWOOD, KAN. — Seven retailers have joined the tenant lineup at Park Place Village, a 484,002-square-foot office and retail property in Leawood. The new tenants include day spa MassageLuXe, local Italian restaurant Plate, Thai restaurant Bamboo Penny’s, ice cream shop Ice Cream Bae, island-themed coffee shop and bar Outta the Blue, menswear company Moda Domani and custom-designed jeweler Moshiri Jewelry. Matt Rau of CBRE represented the owner, KBS, in the seven lease transactions, which range in size from 803 to 5,972 square feet. The 10-building Park Place Village, located at 11549 Ash St., was completed in 2013.
LAWRENCEVILLE, GA. — Atlanta-based Parkland Residential has broken ground on Sweetwater Springs, the company’s first build-for-rent (BFR) community. The property is located at 1510 Duluth Highway in Lawrenceville, about 28 miles northeast of downtown Atlanta. The development will be completed by December 2021. Managed by Lincoln Property Group, Sweetwater Springs will be one of the first BFR communities in Gwinnett County and the first stacked townhome property within the county. Parkland Residential has begun leasing the townhomes at rents ranging from $1,950 to $2,300 per month. The three-bedroom units total 1,950 square feet and offer two-and-a-half baths plus a loft. Two-bedroom units offer 1,630 square feet of total living space. The rear-entry stacked townhomes in Sweetwater Springs will offer one-car garages and two- or three-bedroom units, including private owner’s suites with walk-in closets and baths featuring dual vanities. The open floor plans will feature kitchens that open into family rooms with covered outdoor living spaces. NorthMarq arranged $12 million of construction financing through Trez Capital on behalf of Parkland Residential. The developer says it plans to build several more BFR communities over the next several years as it provides an attractive housing alternative for the middle class.
NEW HAVEN, IND. — Lunar Distribution LLC has signed a 145,600-square-foot industrial lease at 10785 Rose Ave. within the Cedar Oak Industrial Park in New Haven, just east of Fort Wayne. The distributor of comic books for publishers such as DC and Marvel will occupy the space beginning in June. The facility, which features a clear height of 30 feet, is located at the corner of I-469 and U.S. Highway 24. Bill Drinkall and Brook Steed of Bradley Co. represented the undisclosed landlord.
HOUSTON — GCP Paper USA has signed a 235,845-square-foot industrial lease to occupy the entirety of Building 2 at Interwood Distribution Center, a 341,692-square-foot development in North Houston. Craig Bean and John Kruse of Holt Lunsford Commercial, which owns the property in a joint venture with GID Real Estate Investments, represented building ownership in the lease negotiations. Eric Hughes of Centermark Commercial Real Estate represented the tenant.
DALLAS — McKinney, Texas-based Independent Financial has signed a 12,000-square-foot office lease at Rosewood Court in Uptown Dallas. The company plans to take occupancy of its new space on the 10th floor in September. Bill McClung of Cushman & Wakefield represented the tenant in the lease negotiations. Haley Collard represented the landlord, Dallas-based Rosewood Property Co., on an internal basis.
BURLINGTON, N.J. — Lee & Associates has negotiated a 486,812-square-foot industrial lease at 1950 River Road in Burlington. The property sits on 43 acres and features a clear height of 36 feet, 86 external loading docks and parking for 264 vehicles and 103 trailers. Tony Rod, Brian Knowles, Patrick Lafferty II and Andrew Landolfi of Lee & Associates represented the landlord, Boston-based TA Realty, in the negotiations for the full-building lease. Scott Mertz of NAI Mertz represented the tenant, LC Logistics Services Inc.
NEW YORK CITY — St. Francis College, a private Catholic educational institution, will relocate its campus from Brooklyn Heights to The Wheeler, Tishman Speyer’s new building that is situated atop a former Macy’s department store in downtown Brooklyn. Under the terms of the 30-year lease, St. Francis College will occupy 255,091 square feet across the fifth, sixth and seventh floors beginning in September 2022.
CLEARWATER, FLA. — Stan Johnson Co. has brokered the $23 million sale of a 106,000-square-foot distribution facility located at 13133 34th Street N. in Clearwater. Seattle-based Amazon anchors the industrial facility, which is adjacent to Macy’s operations center and Raymond James’ headquarters. Stan Johnson’s Craig Tomlinson, John Zimmerman and Rocco Driscoll represented the 1031 exchange buyer, a New Jersey-based syndicator, in the transaction. Bruce Vaughan of Vaughan Commercial represented the seller, a private local partnership group. Originally built in 1980, the distribution facility was fully renovated in 2019 and is situated on 8.8 acres. The property is located less than two miles from Interstate 275, St. Pete-Clearwater International Airport and Old Tampa Bay.
Equus Capital Signs Clorox to 580,000 SF Build-to-Suit Warehouse Lease in Martinsburg, West Virginia
MARTINSBURG, W.VA. — Equus Capital Partners Ltd. has signed a 10-year, build-to-suit lease agreement with subsidiaries of The Clorox Co. for a 580,000-square-foot warehouse space within the Mid-Atlantic 81 Logistics Park in Martinsburg. The new warehouse is expected to come on line in spring 2022. Clorox is currently constructing a manufacturing facility for its Fresh Step cat litter brand approximately one-third of a mile from Mid-Atlantic 81 Logistics Park. Additionally, there are two Kingsford manufacturing plants located in West Virginia. Clorox will store and distribute the products from the new Martinsburg facility. Mid-Atlantic 81 Logistics Park is situated on 150 acres off Tabler Station Road along the Interstate 81 corridor in Berkeley County, approximately 85 miles west of Washington, D.C. The warehouse and distribution building will feature 36-foot clear heights, cross docks, all-concrete truck courts, an ESFR sprinkler system, LED lighting, a 7-inch concrete floor and will be expandable to 868,000 square feet. Brad Metzger and Liz Roberts of Cresa represented Clorox in the lease transaction, and John Lesinski and Ben Luke of Colliers International represented Equus, a Philadelphia-based developer and private equity real estate fund managing firm. In 2018, Equus developed a 356,000-square-foot warehouse for Proctor & Gamble at …