Leasing Activity

Payless ShoeSource’s 2,100-Store Shutdown Due to Inability to Compete with Department Stores, Says Analyst

by Taylor Williams February 18, 2019

TOPEKA, KAN. — Payless ShoeSource will close all 2,100 of its stores in the United States and Puerto Rico as it moves toward liquidation. According to a statement by the company provided to USA Today, which first reported the news on the evening of Friday, Feb. 15, Payless expects all stores to remain open through March. The announcement comes nearly two years after the Topeka-based shoe retailer filed for Chapter 11 bankruptcy protection, a move that coincided with the shuttering of 673 American stores at the time. The company is also in the process of de-commissioning its online sales platform, but it remains unclear whether Payless stores in Latin America will remain open. Payless had undergone an aggressive expansion plan that required taking on a greater debt load. After filing for bankruptcy in April 2017, the company restructured its finances to eliminate $435 million in debt and whittle its store count to 3,500 locations worldwide. According to longtime retail consultant Jeff Green, Payless’ financial woes can be traced in part to the lack of name-brand shoe offerings, a product segment that is especially popular with millennial shoppers. “Even after Payless restructured its debt, the changing nature and growing competition from …

February 18, 2019

Development Industrial Leasing Activity Southeast Tennessee

FedEx Logistics to Consolidate, Move Global Headquarters to Downtown Memphis

by Alex Tostado February 15, 2019

MEMPHIS, TENN. — FedEx Logistics, a subsidiary of FedEx Corp., will move its global headquarters to the site of the former Gibson Guitar factory building, a 145,000-square-foot facility located at 145 George W. Lee Ave. near Beale Street in downtown Memphis. FedEx Logistics plans to consolidate multiple locations and more than 700 employees to the site over the next several years. The company will occupy the space beginning in April 2020. FedEx Logistics plans to add a mezzanine level that will bring the total square footage to nearly 200,000. LRK will be the architect for the expansion project.

February 15, 2019

Leasing Activity Office Texas

Coworking Firm to Open 30,000 SF Office Space in Frisco

by Taylor Williams February 15, 2019

FRISCO, TEXAS — Coworking firm Venture X will open a 30,000-square-foot office space at Stonebrook Business Park in Frisco. Chris Doggett and Ashley Curry of JLL represented the landlord, Goveia Commercial Real Estate, in the lease negotiations. Ryan Hoopes and Tom Sutherland with Cushman & Wakefield represented Venture X, which has five open locations in the DFW area and several more in the pipeline. The Stonebrook space is expected to open during the second quarter.

February 15, 2019

Illinois Leasing Activity Midwest Office

USG Signs 10-Year Lease Extension for Global Headquarters in Chicago

by Kristin Harlow February 15, 2019

CHICAGO — USG Corp. has extended its lease for an additional 10 years at 550 W. Adams St. in Chicago. The building materials manufacturer will remain in 220,000 square feet on floors 11 through 18. Chris Wood, David Stefancic and Brian Duffy of Cushman & Wakefield represented USG in the lease transaction. Joy Jordan and Emily Marquardt of Telos Group represented the landlord, GLL Real Estate Partners. Cushman & Wakefield will also provide project management services to USG as part of a renovation to the office space.

February 15, 2019

Industrial Leasing Activity Texas

Holt Lunsford Negotiates 200,000 SF Industrial Lease Renewal in Fort Worth

by Taylor Williams February 14, 2019

FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 200,000-square-foot industrial lease renewal at 6401 Oak Grove Road in Fort Worth. Matt Carthey and Thomas Grafton of Holt Lunsford represented the landlord, TA Realty. Reid Bassinger of Lee & Associates represented the tenant, consumer goods distributor Core-Mark Midcontinent.

February 14, 2019

Industrial Leasing Activity Texas

NAI Partners Arranges Two Industrial Leases Totaling 54,480 SF in Houston

by Taylor Williams February 14, 2019

HOUSTON — NAI Partners has arranged two industrial leases totaling 54,480 square feet at Round Up Distribution Center in Houston. In the first transaction, U.S. Tsubaki Power Transmission, a provider of roller chains and sprockets, leased 26,400 square feet. In the second deal, LaForce Inc., a distributor of commercial doors, leased 28,080 square feet. Ryan Searle, Nick Peterson and John Ferruzzo of NAI Partners represented the landlord, Liberty Property Trust, in both lease negotiations.

February 14, 2019

Leasing Activity Office Texas

CBRE Negotiates 126,000 SF Office Lease Renewal in Downtown Houston for Energy Firm

by Taylor Williams February 13, 2019

HOUSTON — CBRE has negotiated a 126,000-square-foot office lease renewal at 717 Texas, a 697,195-square-foot property in downtown Houston, on behalf of Calpine, a provider of natural gas and geothermal resources. Calpine has been an anchor tenant at the 33-story building, which is owned and developed by Hines, since 2003. Lucian Bukowski of CBRE represented Calpine in the lease negotiations. Win Haggard of Colvill Office Properties represented Hines.

February 13, 2019

Leasing Activity Office Texas

Westdale, KDC Announce First Tenants at 251,000 SF Office Tower in Dallas

by Taylor Williams February 12, 2019

DALLAS — Developers Westdale and KDC have announced the first tenants to join The Epic office tower, a 251,000-square-foot property in Dallas. The Epic is an eight-acre mixed-use development situated at the intersection of downtown Dallas, Deep Ellum and the Dallas Farmers Market. Westdale will occupy 39,124 square feet in the office tower beginning in June. Coworking firm Spaces has leased 47,026 square feet, and Asian restaurant and lounge Komodo will occupy a total of 22,200 square feet of interior and exterior seating space. The Epic’s office building will feature a fitness center, office terraces, multiple collaborative workspaces and a seventh-floor amenity deck with views of downtown Dallas.

February 12, 2019

Indiana Industrial Leasing Activity Midwest

LifeNet Health Signs 68,175 SF Industrial Lease in Indianapolis

by Kristin Harlow February 11, 2019

INDIANAPOLIS — LifeNet Health has signed a 68,175-square-foot industrial lease at the Gateway V distribution center in Indianapolis. HSA Commercial Real Estate is developing the 262,758-square-foot speculative facility, which is scheduled for completion this month. LifeNet Health, a provider of transplant solutions, will take occupancy in July. The building features a clear height of 32 feet, 30 truck docks, four drive-in doors, 185 parking stalls and 70 trailer positions. Terry Busch and Jared Scaringe of CBRE represented ownership in the lease transaction.

February 11, 2019

Illinois Leasing Activity Midwest Office

Law Firm Signs Full-Floor Lease at Inland Steel Building in Chicago

by Kristin Harlow February 11, 2019

CHICAGO — Scopelitis, Garvin, Light, Hanson & Feary PC, a law firm representing clients in the transportation and logistics industry, has renewed and expanded its office lease at the Inland Steel Building in Chicago. The law firm will occupy the entire 16th floor. The office tower is located at 30 W. Monroe St. Tony Karmin and Corby Marx of Colliers International represented the tenant. Mark Buth and Kelsey Morgan of MB Real Estate represented the landlord, Capital Properties.

February 11, 2019

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