Leasing Activity

CBRE | Raleigh Negotiates Three New Tenant Leases at Shopping Center in Raleigh

by Alex Tostado February 19, 2019

RALEIGH, N.C. — CBRE | Raleigh has signed Petco, Ulta Beauty and Five Below to leases at Pleasant Valley Promenade in Raleigh. Petco signed a 13,600-square-foot lease, Ulta signed a 10,718-square-foot lease and Five Below signed an 8,474-square-foot lease. The new tenants are expected to open this year and will join Dick’s Sporting Goods, Ross Dress for Less, Marshalls, Bed Bath & Beyond and Fitness Connection. Pleasant Valley Promenade offers more than 362,000 square feet of retail space and is situated about seven miles northwest of downtown Raleigh. Cristi Greene and Reagan Crabtree of CBRE | Raleigh represented the landlord, Kimco Realty, in the transactions.

February 19, 2019

Leasing Activity Retail Southeast Tennessee

PEBB Enterprises Announces New Retail Tenants at Mixed-Use Center in Metro Memphis

by Alex Tostado February 19, 2019

GERMANTOWN, TENN. — PEBB Enterprises has signed Ulta Beauty and Verizon Wireless to leases at Germantown Village Square, a retail and office complex, in Memphis. With the additions, the shopping center is now 97 percent leased, with one 4,000-square-foot space vacant. The upstairs office space is 90 percent leased, with 2,700-square-foot and 3,800-square-foot spaces available for lease. The center is located about 21 miles east of downtown Memphis.

February 19, 2019

Industrial Leasing Activity New Jersey Northeast

CBRE Secures 300,000 SF Industrial Lease in North Brunswick, New Jersey

by David Cohen February 19, 2019

NORTH BRUNSWICK, N.J. — CBRE has secured a 300,000-square-foot lease for logistics and fulfillment solutions company Capacity LLC at 1601 Livingston Ave. in North Brunswick. The built-to-suit facility is currently under construction and is slated for occupancy in February 2020. The property will include 40-foot clear heights as well as 10,000 square feet of office space, which will serve as the new headquarters for Capacity LLC. John Maloney of CBRE represented Capacity LLC in the transaction. The property owner, 1600 Building C LLC, was represented in-house during negotiations.

February 19, 2019

Illinois Leasing Activity Midwest Office

TBI Signs 27,484 SF Office Lease in Chicago

by Kristin Harlow February 19, 2019

CHICAGO — TBI Inc. has signed a 27,484-square-foot, full-floor lease at International Tower in Chicago. The 300,000-square-foot office building is located at 8550 W. Bryn Mawr Ave. In conjunction with the lease, landlord Golub & Co. will begin a revitalization of the building with new amenities, including a fitness center, yoga room, conference center and tenant lounge. The renovations are expected to be completed this year. TBI, a technology distributor, is moving from its previous office at 8770 W. Bryn Mawr Ave. Steve Degodny of Golub represented Golub in the lease transaction. Alex Smith, Brad Frank and Jordan Rovito of Cushman & Wakefield represented TBI.

February 19, 2019

District of Columbia Leasing Activity Retail Southeast

CBRE Negotiates 46,016 SF Lease for Target at CityLine in Washington, D.C.

by Alex Tostado February 18, 2019

WASHINGTON, D.C. — CBRE has arranged a lease for Target to occupy 46,016 square feet of space at CityLine, a historic retail destination located at 4500 Wisconsin Ave. N.W. in Washington, D.C. The asset is the site of the first Sears in the city, is on top of Tenleytown Metro Station and is about five miles north of downtown Washington, D.C. Target is expected to open in 2020. Michael Zacharia of CBRE represented Target in the lease transaction. CityLine at Tenley Center Inc., an affiliate of Invesco Real Estate, is the landlord.

February 18, 2019

Industrial Leasing Activity Texas

Home Depot Signs 770,640 SF Industrial Lease in Houston

by Taylor Williams February 18, 2019

HOUSTON — The Home Depot has signed a 20-year industrial lease at Grand National Business Park, an industrial center in Houston that was developed by Hines. The Houston Chronicle reports that the Atlanta-based home goods chain will occupy 770,640 square feet of cross-dock space at the property, which is located near George Bush Intercontinental Airport, as part of a larger investment in its supply chain management.

February 18, 2019

Industrial Kansas Leasing Activity Midwest Self-Storage

StorageMart Opens New Facility in Overland Park, Kansas

by Kristin Harlow February 18, 2019

OVERLAND PARK, KAN. — StorageMart has opened a self-storage facility in Overland Park. This is the fourth location in the area and the 32nd in metro Kansas City for StorageMart. The property, located at 15415 Metcalf Ave., was constructed in 2017. The facility contains 639 climate-controlled units and nearly 80,000 square feet of rentable space. Special features include an onsite office, video surveillance and keypad access.

February 18, 2019

Illinois Industrial Leasing Activity Midwest

Oberg Medical Signs 60,126 SF Industrial Lease in Chicago

by Kristin Harlow February 18, 2019

CHICAGO — Oberg Medical Products Co. has signed a 60,126-square-foot lease to occupy the entire industrial building in Chicago. The company is consolidating its facilities in Elk Grove Village and Niles at the Chicago-based industrial property, located at 4311 N. Normandy Ave. The facility features a clear height of 25 feet, four exterior docks, one drive-in door and parking for approximately 100 cars. Venture One Real Estate purchased the property in October 2018 and has since conducted interior demolition and renovation work. Chris Volkert and Brendan Green of Colliers represented the tenant. Brett Kroner of Cushman & Wakefield represented the landlord.

February 18, 2019

Kansas Leasing Activity Midwest Retail Top Stories

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

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