BUFFALO, N.Y. — Lee & Associates has brokered the $33.2 million sale of a 102,000-square-foot academic building located at 75 W. Huron St. in Buffalo. The Buffalo School of Culinary Arts & Hospitality Management occupies the entirety of the seven-story building, which was originally built in the late 19th century as a horse livery and was later used as a multi-story parking garage before being transformed into a school. Dave Carswell and Ben Tapper of Lee & Associates represented the seller, locally based firm McGuire Development Co., in the transaction. Carswell also assisted the buyer, Mercer Street Partners, in securing acquisition financing for the deal.
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Lee & Associates’ Report: Q3 Results Shaped by Market Uncertainty, Questions of Legality, Tariffs, AI Considerations
Lee & Associates’ 2025 Q3 North America Market Report examines a commercial real estate landscape experiencing some pauses as the effects of exogenous forces work their way through the market. Economic and legal questions, the second- and third-order effects of tariffs, persistently high costs, unemployment concerns and the new realities of artificial intelligence (AI) have combined to produce mixed results across all property types. Demand for office and retail has increased (and their respective pipelines remain constrained). Of the four property types covered in the report — industrial, office, retail and multifamily — only retail saw transaction momentum in the previous quarter. Meanwhile, the overbuilt industrial and multifamily sectors have witnessed weakening or negative demand in the third quarter. Lee & Associates’ full, detailed market report is available to read here. The overviews for the sectors below reveal a market that seems to be holding its breath, awaiting new information. Industrial Overview: Markets Await Tariff Clarity Net absorption of industrial space increased in the third quarter across North America, but demand was weak and failed again to keep pace with the supply of new buildings, while tenant growth remained hobbled by tariff concerns and interest rates. In the United States, following 8.1 million square feet …
ITASCA, ILL. — The RDI Group, a manufacturer of engineered systems for the roofing, construction, power, metal coil processing and medical industries, has leased a 25,141-square-foot industrial building at 1070 W. Ardmore Ave. in Itasca. Jeff Janda and Chris Nelson of Lee & Associates of Illinois represented the owner, Town & Country Distributors, as well as the tenant. The facility will serve as a satellite warehouse for RDI Group’s primary location at 1025 W. Thorndale Ave. in Itasca.
BELVIDERE, ILL. — Lee & Associates of Illinois has negotiated the sale of a 131,811-square-foot industrial building in the Chicago suburb of Belvidere. The property is located on 27.8 acres at 2964 Newburg Road. Jeff Galante of Lee & Associates represented the buyer, NexGen Manufacturing. Al Caruana of Cushman & Wakefield the seller, an entity doing business as 2964 Newburg Road LLC. The transaction marks the largest user sale in the Rockford submarket in the third quarter, according to Lee & Associates.
PISCATAWAY, N.J. — Lee & Associates has brokered the $19.4 million sale of two industrial buildings totaling 101,454 square feet in the Northern New Jersey community of Piscataway. The buildings at 121 and 131 Ethel Road W. were fully leased at the time of sale to tenants in the distribution, food production and research-and-development sectors. Drew Maffey and Joseph Komitor represented the buyer, national investment firm Longpoint, in the transaction. The seller was not disclosed.
BELVIDERE, ILL. — Jensen-Souders and Associates, a provider of warehousing services for chemicals, rubber products and other miscellaneous products, has signed a 105,000-square-foot industrial lease expansion at 3905-3925 Morreim Drive in the Chicago suburb of Belvidere. Jeff Janda and Jeff Galante of Lee & Associates of Illinois represented the tenant, which renewed and extended its current lease of 60,000 square feet while taking an additional 45,000 square feet to occupy the entire building. Shane Van Sickle of LandMark Real Estate Group represented the landlord, STAG Industrial. Jensen-Souders’ headquarters remains in Itasca.
ROCKWALL, TEXAS — Lee & Associates has negotiated a 102,000-square-foot industrial lease in Rockwall, a northeastern suburb of Dallas. According to LoopNet Inc., the property at 1605 Research Circle features 28-foot clear heights, 10 dock-high loading doors and an ESFR sprinkler system. Stephen Williamson of Lee & Associates represented the landlord, Lahlouh Family LP, in the lease negotiations. Stan Britton of Regal Realtors represented the tenant, Warehouse-Pro Fulfillment 3PL.
CARROLLTON, TEXAS — Lee & Associates has negotiated a 10,318-square-foot industrial lease in the northern Dallas metro of Carrollton. According to LoopNet Inc., the building at 3227 Commander Drive was built in 1984 and totals 33,750 square feet. Stephen Williamson and Corbin Blount of Lee & Associates represented the tenant, IT services provider RLS Interests, in the lease negotiations. Michael Haggar of JLL represented the landlord.
ADDISON, TEXAS — Lee & Associates has negotiated a 77,500-square-foot industrial lease in the northern Dallas metro of Addison. According to LoopNet Inc., the building at 4204 Lindbergh Drive was constructed in 1974. John Anderson of Lee & Associates represented the tenant, Charter Furniture, in the lease negotiations. The name and representative of the landlord were not disclosed.
RICHARDSON, TEXAS — Lee & Associates has negotiated a 16,875-square-foot industrial lease in the northeastern Dallas suburb of Richardson. According to LoopNet Inc., the building at 301-323 Hilltop Ave. was constructed in 1965. Brett Lewis and George Tanghongs of Lee & Associates represented the landlord, Link Industrial Properties, in the lease negotiations. Trevor Atkins of CBRE represented the tenant, Starwood Distributors.
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