BOLINGBROOK, ILL. — Charlene Products Inc., a beauty industry supplier, has signed a 26,886-square-foot industrial lease at 905 Carlow Drive in the Chicago suburb of Bolingbrook. Link Logistics owns the 256,070-square-foot building. Terry Grapenthin and Ryan Earley of Lee & Associates of Illinois represented the tenant, which is relocating and expanding from its prior location in Plainfield.
PLAINFIELD, ILL. — Pharmacy Automation Supplies has purchased 4.4 acres at Plainfield Business Center, Lot 6, for a new build-to-suit warehouse and office facility. The manufacturer and distributor of consumables to retail and healthcare organizations is relocating to Plainfield from a smaller space in Romeoville. The seller, Northern Builders, will construct a 30,000-square-foot building within the complex. Completion is slated for the end of the year. Terry Grapenthin and Ryan Earley of Lee & Associates of Illinois represented Pharmacy Automation Supplies in the transaction.
ALLENWOOD, PA. — ModCorr LLC has signed a 252,282-squuare-foot industrial lease in Allenwood, about 70 miles north of Harrisburg. The manufacturer of modular construction products will occupy the entirety of Building 4 at PNK Park Allenwood at Great Stream Commons, which was completed last year and features a clear height of 40 feet. Lee & Associates represented the landlord, New York-based investment and development firm PNK Group, in the lease negotiations.
ENCINO, CALIF. — Elysian Housing and Capstone Equities have acquired an office building located at 5435-5445 Balboa Blvd. in Encino from 5435 Balboa LLC for $20.6 million. The buyers will convert the 74,947-square-foot office building into The Oaks on Balboa, an affordable housing community offering 117 studio and one-bedroom apartments. Darren Casamassima and Scott Romick of Lee & Associates LA North/Ventura represented the seller and buyer in the deal.
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Lee & Associates’ Report: Q2 Net Absorption Declines Across All Property Sectors Except Multifamily
Lee & Associates’ 2025 Q2 North America Market Report looks back at shrinking (or negative) net absorption for industrial, office and retail sectors in the last quarter. Meanwhile, multifamily tenant demand beat previous expectations in the same three months, as a feared recession failed to materialize. The mix of factors for absorption varied by property type: industrial and office markets saw increases in vacancy, while competition for retail space remained high, even in the face of high-profile closures. Lee & Associates’ full market report is available to read here (plus detailed vacancy rates, cap rates by city, market rents, square footage information, information on Canadian markets and more). The recaps for industrial, office, retail and multifamily sectors below detail trends and outlooks for each property sector in the remainder of 2025. Industrial Overview: Vacancies Rise, Rent Growth Slows Concern over the impact of tariffs has added to slowing tenant growth in logistics and manufacturing across North America. But the continued easing demand has resulted in more choices and benefits for users that have been subjected to a prolonged stretch of steep rent growth. Vacancies in the United States have risen to 7.4 percent, a decade-long high, while deliveries continued to outpace tenant expansion. Net absorption fell …
DALLAS — Lee & Associates has brokered the sale of a 15-acre multifamily development site in Dallas. The site at 1200 N. Walton Walker Blvd. is located on the city’s west side and is approved for the development of 300 units, construction of which is now underway. Alex Wilson and Jarrett Huge of Lee & Associates represented the seller, England Products, in the land deal. Local broker David Cook represented the buyer, Kentucky-based LDG Development.
SANTA FE SPRINGS, CALIF. — Lee & Associates has arranged the sale of a warehouse and industrial building at 8528 Dice Road in Santa Fe Springs. J.O.R. Real Estate LLC sold the asset to Van Stone Conveyor for $3.2 million. The 12,591-square-foot property features 1,500 square feet of office space, a 2/1,000 parking ratio, 16-foot clearance height and 800 amps of power, as well as a secured yard. Additionally, the asset was sold with a tenant in place under a lease through Oct. 31, 2025. Phillip DeRousse of Lee & Associates – Orange handled the transaction.
ARLINGTON, TEXAS — Lee & Associates has brokered the sale of an 88,821-square-foot industrial building in Arlington. According to LoopNet Inc., the building at 840 N. Great Southwest Parkway was completed in 1962 and features 21.5-foot clear heights and eight dock-high loading doors. Corbin Blount of Lee & Associates represented the buyer, Philadelphia Hardware Group, in the transaction. Harrison Putt and Corby Hodgekiss of Mercer Co. represented the seller, locally based investment firm CanTex Capital.
CARROLLTON, TEXAS — Lee & Associates has negotiated a 26,000-square-foot industrial lease in the northern Dallas metro of Carrollton. Corbin Blount of Lee & Associates represented the tenant, Aarav Corp., a provider of distribution services, in the lease negotiations. Mac Hall and Eric Crutchfield of Stream Realty Partners represented the landlord, an entity doing business as G&I IX 1225 Capital LLC.
CARNEYS POINT, N.J. — Quince has signed a 105,000-square-foot industrial lease in the Southern New Jersey community of Carneys Point. The apparel and accessories retailer is taking space at LogistiCenter at Carneys Point, a two-building development by Nevada-based developer Dermody. Andrew Stypa of Lee & Associates represented Quince in the lease negotiations. Dean Torosian of JLL represented Dermody.
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