Leasing Activity

MCB Signs Logistics User to 1 MSF Industrial Lease in Palmetto, Georgia

by Julia Sanders March 15, 2021

PALMETTO, GA. — MCB Real Estate LLC, a private Baltimore-based commercial real estate development and investment firm, has signed SBS Transportation to a new lease for a 1 million-square-foot, newly built logistics center in Palmetto. The global shipping and logistics solutions firm will utilize the space for storage, distribution and minor assembly of power sports vehicles, such as ATVs, recreation vehicles and jet skis. Located 25 miles south of Atlanta, the logistics center is situated at 1015 Collinsworth Road with direct access to Interstate 85. The property is located within five miles of a CSX Intermodal Terminal in Fairburn and 15 miles of Hartsfield-Jackson Atlanta International Airport. Mark Hawks and Todd Barton of CBRE represented the landlord in the lease transaction. Mike Sutter of Lee & Associates represented the tenant. Headquartered in St Paul, Minn., SBS Transportation has 11 locations across the United States and four along the East Coast.

March 15, 2021

Leasing Activity New York Northeast Office

Blackstone Signs 80,000 SF Office Lease Expansion at 345 Park Avenue in Manhattan

by Taylor Williams March 15, 2021

NEW YORK CITY — Global asset management firm Blackstone has signed an 80,000-square-foot office lease expansion at 345 Park Avenue in Midtown Manhattan. Blackstone’s footprint at the 44-story, 1.9 million-square-foot building now spans 12 full floors and five partial floors for a total of 720,000 square feet. Other tenants at 345 Park, which is owned by Rudin Management Co., include accounting firm KPMG and the National Football League. Tom Keating represented building ownership in the lease negotiations on an internal basis.

March 15, 2021

Leasing Activity Michigan Midwest Retail

Big Lots Signs 31,896 SF Lease at Petoskey Town Center in Michigan

by Kristin Harlow March 15, 2021

PETOSKEY, MICH. — Big Lots has signed a 31,896-square-foot lease at Petoskey Town Center near North Central Michigan College. U.S. Properties eeewGroup (USPG) owns the 174,870-square-foot shopping center. Big Lots will occupy a former Kmart location, filling over 37 percent of the building. Petoskey Town Center is home to Hobby Lobby, AAA, Grondin’s Hair Center and Petoskey Sewing Center. The town of Petoskey is situated about 65 miles northeast of Traverse City. Ohio-based USPG owns approximately 4 million square feet and redevelops shopping centers in 10 states across the Midwest and Southeast.

March 15, 2021

Industrial Leasing Activity Texas

Flexible Co-Warehousing Operator Saltbox Opens 66,000 SF Facility in Metro Dallas

by Taylor Williams March 12, 2021

FARMERS BRANCH, TEXAS — Saltbox, a purpose-built, flexible co-warehousing space for entrepreneurs and startups, has opened its second location in Farmers Branch. The 66,000-square-foot facility offers 100 private co-warehousing suites and 15 office spaces, in addition to an array of modern office amenities and conveniences. Saltbox opened its first 27,000-square-foot facility in Atlanta in 2019.

March 12, 2021

Industrial Leasing Activity NAI Texas

NAI Partners Negotiates 23,172 SF Industrial Lease in Metro Austin

by Taylor Williams March 12, 2021

ROUND ROCK, TEXAS — NAI Partners has negotiated a 23,172-square-foot industrial lease for Westwinds Wholesale Doors in the northern Austin suburb of Round Rock. The company will occupy space within Settlers Crossing, which is a four-building industrial park spanning approximately 330,000 square feet, according to the Austin Chamber of Commerce. NAI Partners’ Troy Martin represented the tenant in the lease negotiations. Adam Green with Stream Realty represented the landlord.

March 12, 2021

Build-to-Rent Development Finance Insight Leasing Activity Midwest Multifamily Northeast Single-Family Rental Southeast Texas Video Walker & Dunlop Western

Walker & Dunlop: SFR/BFR Rapidly Growing Option for Rental Spaces

by Sarah Daniels March 12, 2021

The strength of multifamily has been well solidified over the past few years, but a new contender in the rental market is making waves, according to Kris Mikkelsen, executive vice president, Walker & Dunlop Investment Sales. Single-family rental (SFR) and build-for-rent (BFR) spaces are growing increasingly popular. An SFR is a group of homes-for-rent pooled together for investment purposes BFR properties are purpose-built housing operated as SFR investments “SFR is in the distributed model: individual homes managed by tech-driven management platforms that were the formation of the single-family REITs you see in existence today. The build-for-rent space existed pre-COVID but has really been accelerated post-COVID as the end consumer looks to de-densify,” says Mikkelsen. Much of the demand has been driven to more suburban markets, with COVID-19 creating a sudden and palpable need for space among renters. Other factors — including declining home ownership rates and the high demand for multifamily options — have all contributed to the growth of this asset class and subsequent interest from larger institutional investors. Watch Mikkelsen’s interview to learn about demand for SFR/BFR space and changing renter demographics accelerating the growth of this asset class. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to …

March 12, 2021

Acquisitions Arizona Industrial Leasing Activity Western

Reich Brothers Acquires 620,000 SF Warehouse in Arizona, Leases 250,000 SF to Dynarex

by Amy Works March 11, 2021

GLENDALE, ARIZ. — Reich Brothers has purchased a 620,000-square-foot distribution facility located on 30 acres in Glendale. Terms of the acquisition were not released. The undisclosed seller made interior and exterior improvements to the site, including the addition of a 3.5-acre trailer lot adjacent the property, and completed lease-up of the facility. Reich Brothers plans to continue to upgrade and maintain the facility for distribution and logistics tenants. Dynarex, an Orangeburg, N.Y.-based medical supplies company, has signed a lease to occupy 250,000 square feet at the property. Thyssenkrupp’s 3PL division occupies the remainder of the asset. Located at 7811 N. Glen Harbor Blvd., the 620,000-square-foot building features clear heights ranging from 32 feet to 40 feet and 43 dock-high doors. Additionally, the site offers access to Loop 101 and Interstate 10.

March 11, 2021

Industrial Leasing Activity Midwest Wisconsin

Visual Pak Signs 472,176 SF Industrial Lease in Bristol, Wisconsin

by Kristin Harlow March 10, 2021

BRISTOL, WIS. — Visual Pak Cos. has signed a 472,176-square-foot industrial lease at Bristol Highlands Commerce Center in Bristol, about 14 miles west of Kenosha. The Waukegan, Ill.-based company, which provides contract packaging and manufacturing solutions for food, personal care, automotive and healthcare brands, will occupy an entire building at the business park. Visual Pak is scheduled to take occupancy in the second quarter after interior improvements are completed. Whit Heitman of CBRE represented the tenant in the lease transaction. Jeff Hoffman and Eric Fischer of Cushman & Wakefield | Boerke, along with Tim Thompson of HSA Commercial Real Estate, represented ownership, HSA Commercial Real Estate and Washington Capital Management.

March 10, 2021

613-Main-Street-Wilmington-Massachusetts

Industrial Leasing Activity Massachusetts Northeast

Lowe’s Signs 178,757 SF Industrial Lease in Wilmington, Massachusetts

by Taylor Williams March 10, 2021

WILMINGTON, MASS. — Lowe’s Home Improvement (NYSE: LOW) has signed a 178,757-square-foot industrial lease at 613 Main St. in the northern Boston suburb of Wilmington. Tony Coskren, Ed Jarosz, Richard Ruggiero, Torin Taylor, Rick Schuhwerk, Brian Pinch and Lizzie Kusbit of Newmark represented the landlord, a joint venture between The Seyon Group and Connecticut-based Wheelock Street Capital, in the lease negotiations. The name and representative of the tenant were not disclosed.

March 10, 2021

Illinois Leasing Activity Midwest Office

SOLVD Health to Relocate Headquarters from California to Chicago’s Lincoln Park

by Kristin Harlow March 9, 2021

CHICAGO — SOLVD Health, a life sciences company specializing in data-driven disease prevention, is relocating its corporate headquarters to Chicago from Carlsbad, Calif. The tech startup will occupy space in Sterling Bay’s 2430 N. Halsted, a life sciences research facility located in Lincoln Park. Additionally, SOLVD says it intends to expand future operations at Sterling Bay’s Lincoln Yards development along the Chicago River. SOLVD’s space at 2430 N. Halsted is meant to be temporary until the company moves to Lincoln Yards, according to Sterling Bay. SOLVD expects to begin corporate operations in Chicago while continuing to operate its manufacturing, research and development, and commercial lab facilities in Carlsbad. The company is currently in the process of commercializing two tests, one for opioid use disorder and one for colon cancer.

March 9, 2021

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