RAVENNA, OHIO — Boston Group, which designs and manufactures custom metal and plastic displays for retail stores, hospitals and pharmacies, has unveiled plans to relocate its headquarters from Boston to Ravenna, about 15 miles east of Akron. The company will also relocate from an existing manufacturing facility in Hubbard, Ohio. The new headquarters and manufacturing facility will span 308,000 square feet of office and warehouse space. The property owner, Industrial Commercial Properties, acquired the asset in March 2021 and renovated interiors and exteriors. David Stubblebine and David Skinner of The Stubblebine Co. and Kevin Joseph of Weber Wood Medinger/CORFAC International represented Boston Group in the transaction.
CHICAGO — Blue Bottle Coffee has signed a long-term lease to open a 1,188-square-foot retail space at The Shops at Tribune Tower in Chicago. Founded in 2002, Blue Bottle Coffee is a coffee roaster and retailer with more than 60 cafes globally. The Shops at Tribune Tower location will be Blue Bottle’s second in the Chicago area. The shop is expected to open in early 2023. Blue Bottle’s location is directly adjacent to the newly opened Foxtrot Market and the upcoming Museum of Ice Cream, which is scheduled to open July 16. The Shops at Tribune Tower consists of 50,000 square feet of retail space that anchors the ground floor of the 36-story, 740,000-square-foot Tribune Tower, which has been transformed into 162 luxury condominiums. CIM Group owns the property.
OMAHA, NEB. — Omaha National Group Inc., a provider of workers’ compensation insurance, has opened its new headquarters at 9110 W. Dodge Road in Omaha. The 52,000-square-foot building can accommodate up to 300 employees. The company currently has 200 employees. The office features private workspaces and areas for collaboration and multimedia purposes. The new office more than doubles the firm’s previous space and provides employees with a larger break room.
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Walker & Dunlop: Spring Multifamily Market Contends with Inflation, Housing Bubble Fears
By Walker & Dunlop’s Research Department Inflation and a New Era of Monetary Tightening Amid 40-year high inflation rates, home prices that have surged by over 40 percent in the past three years and double-digit price increases in basic necessities such as food, gas and electricity, the United States seems to be beset on all sides. Inflation has become the question of the day with little relief even after monetary tightening began earlier in the year. After a quarter point increase in the Federal Reserve target rate in March, the Fed implemented a whopping 50 basis point increase in the target Federal Funds rate in May after April inflation remained at 8.2 percent, near the March high of 8.6 percent.[1] The central bank’s goal is to reduce inflation to an annual rate of approximately 2 percent. The employment base, the Fed’s other prime objective, seems to remain strong. Unemployment (at 3.6 percent in April) remains low and employment growth of 390,000 in May beat economist expectations. The Fed’s job now is to beat inflation and prevent it from becoming embedded in consumer expectations. Why? Because once inflation becomes embedded in expectations, it changes consumer behavior and becomes somewhat of a …
ARLINGTON, TEXAS — Lee & Associates has negotiated an 86,240-square-foot industrial lease at 2101 Exchange Drive in Arlington. According to LoopNet Inc., the building part of Great Southwest Distribution Center. Reed Parker and Mark Graybill of Lee & Associates represented the landlord, Link Industrial Properties, in the lease negotiations. The name and representative of the tenant were not disclosed.
PHILADELPHIA — The Philadelphia Inquirer has signed a 36,744-square-foot office lease at 100 Independence Mall West. The building was originally constructed in 1963 and was acquired by Keystone Development + Investment in 2013. Following the lease with the 193-year-old newspaper, which expects to take occupancy in the first quarter of 2023, the building is 97 percent leased. Other tenants include The Macquarie Group, U.S. General Services Association and Nelson Worldwide.
BOHEMIA, N.Y. — Hardware and equipment retailer Harbor Freight Tools will open a 20,000-square-foot store at Sayville Plaza, located on Long Island in Bohemia. Robert Delavale of Breslin Realty represented the landlord in the lease negotiations. The representative of the tenant was not disclosed. Other tenants at Sayville Plaza include Bed Bath & Beyond, Old Navy, Panera Bread, Jennifer Furniture, The Vitamin Shoppe, Chipotle Mexican Grill, Sprint, Floor & Décor, At Home and Aldi.
CHICAGO — Aritzia (TSX: ATZ), a women’s fashion boutique retailer based in Vancouver, plans to open a flagship store on Chicago’s Magnificent Mile, bucking a trend of retailers leaving the famous stretch of North Michigan Avenue. The Magnificent Mile spans 13 city blocks in downtown Chicago and houses 460 stores, 275 restaurants and 60 hotels. The retailer, which sells apparel under brands such as Wilfred, Babaton and TNA, will occupy a 46,000-square-foot space at 555 N. Michigan Ave. in 2023. The location formerly housed Gap’s three-story flagship store before the retailer closed in early 2021. The new Aritzia store is the largest retail lease deal on Magnificent Mile in nearly a decade and the first flagship agreement since 2019, according to CBRE. Luke Molloy, Danny Jacobson, Steve Ansani and Cliff Vann of CBRE represented the landlord, Ireland-based ECA Capital Ltd., in the transaction. “Coming out of the pandemic, this is an important deal for the Mag Mile, and Chicago in general,” says Molloy. “Aritzia is one of the most sought-after brands in the world and [it] believes in the future of North Michigan Avenue. What [it has] planned for its new flagship is incredible, and we expect this to be …
IRVING, TEXAS — Liquid Environmental Solutions has signed a 39,528-square-foot office lease extension at Esters 114 Business Center in Irving. The lease ensures that the waste management company will continue to operate its corporate headquarters at the building, which is 91 percent leased. corporate headquarters. Clint Madison and John Fancher of Cushman & Wakefield represented the landlord, Stanton Road Capital in the lease negotiations. Ryan Buchanan and Josh White with CBRE represented the tenant.
WARREN, N.J. — PTC Therapeutics has signed a 360,000-square-foot life sciences lease at Warren Corporate Center in Northern New Jersey. Originally built as the headquarters campus for Lucent Technologies, the 176-acre Warren Corporate Center comprises five buildings totaling 820,000 square feet, and construction on the new facility for PTC Therapeutics will begin this month. Jeff Zell and Louis Kluger of JM Zell Partners represented the tenant in the lease negotiations. Robert Donnelly Sr., Robert Donnelly Jr., Paul Giannone, Todd Elfand and Kevin Carton of Cushman & Wakefield represented the landlord, a joint venture between Rubenstein Partners and Vision Real Estate Partners.