ADDISON, ILL. — Lee & Associates of Illinois has negotiated the $1.9 million sale of a 15,524-square-foot warehouse and distribution building in Addison. Jay Farnam and Peter Spear of Lee & Associates represented the buyer, Wahid Properties LLC, which will occupy the facility. Transwestern Real Estate Services represented the seller, Liberty Partners.
CHICAGO — Lee & Associates of Illinois has negotiated a 4,500-square-foot restaurant lease at 2535 N. Milwaukee Ave. in Chicago’s Logan Square neighborhood. The tenant, ManSun, is an authentic Korean restaurant. This will be the proprietor’s second restaurant, following New Village Gastro Pub in Northbrook. Rick Scardino and Michael Petrik of Lee & Associates represented the tenant in the lease. Amanda Shafer of Emerging Concepts represented the landlord, an entity doing business as 2M Square FB LLC.
SOUTH ELGIN, ILL. — Lee & Associates of Illinois has negotiated the $6.5 million sale of 84.4 acres of residential land at 325 Umbdenstock Road in South Elgin. John Cassidy, Jay Farnam and Ken Franzese of Lee & Associates represented the seller, Spohr Family Trust. The buyer, Lennar/CalAtlantic Group LLC, was self-represented. The site was previously marketed for an industrial use for more than a decade, according to Farnam. Lee & Associates secured a residential home builder to purchase the site and worked with the village on a land entitlement and approval process.
ARLINGTON HEIGHTS, ILL. — Lee & Associates of Illinois has arranged the $1.5 million sale of a 15,654-square-foot industrial building in the Chicago suburb of Arlington Heights. The property is located at 3860 N. Ventura Drive. Dustin Albers of Lee & Associates represented the seller, AmBeed, a chemical wholesaler. The buyer, Digital Design Corp., is an engineering consultant already located in the same business park. The property will serve as an additional location for the company. Albers also represented AmBeed in its purchase of 1001 Asbury in Buffalo Grove, allowing the firm to consolidate its operations to a new corporate headquarters.
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-square-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.
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