Monday, November 25, 2024
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Lee & Associates

IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Lee & Associates Negotiates Two Industrial Leases Totaling 67,244 SF in Suburban Chicago

by Kristin Harlow

ELMHURST AND ADDISON, ILL. — Lee & Associates has negotiated two industrial leases totaling 67,244 square feet in DuPage County. Woodland Group, a privately owned logistics, e-commerce and supply chain management company, signed a 38,475-square-foot lease renewal at 325 W. Lake St. in Elmhurst. Kenneth Franzese and John Cassidy of Lee & Associates of Illinois represented the tenant, while Tom Maher of Hamilton Partners represented the landlord. Bauderer Packaging signed a 28,769-square-foot lease at 775 Belden Ave. in Addison. The 200,907-square-foot property is now fully occupied. Jeff Janda and Michael Plumb of Lee & Associates of Illinois represented the landlord, Link Logistics. Rick Morris of Cresa represented the tenant.

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IndustrialLeasing ActivityLee & AssociatesTexas

Lee & Associates Negotiates 28,562 SF Industrial Lease in Northwest Dallas

by Taylor Williams

DALLAS — Lee & Associates has negotiated a 28,562-square-foot industrial lease in northwest Dallas. The building at 10701 N. Stemmons Freeway totals 83,370 square feet. Adam Graham and Ken Wesson of Lee & Associates represented the landlord, Mississippi-based EastGroup Properties, in the lease negotiations. The tenant was Baker Distributing Co. No other third-party brokers were involved in the deal.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Alive Telecom Signs 74,978 SF Industrial Lease in University Park, Illinois

by Kristin Harlow

UNIVERSITY PARK, ILL. — Alive Telecom has signed a 74,978-square-foot industrial lease at 500 Crossing Drive in the Chicago suburb of University Park. The 150,000-square-foot building, constructed in 2006, is now fully leased. Brian Vanosky, Michael O’Leary and Dylan Maher of Lee & Associates represented the landlord, Mapletree. Jeff Galante of Lee & Associates represented the tenant, which is a global supplier of equipment, systems and services for the communications market.

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10300-La-Cienega-Blvd-Inglewood-CA
AcquisitionsCaliforniaHospitalityLee & AssociatesWestern

Lee & Associates Negotiates $23.7M Sale of Wingate by Wyndham Hotel in Inglewood, California

by Amy Works

INGLEWOOD, CALIF. — Lee & Associates has arranged the sale of the Wingate by Wyndham Hotel located at 10300 La Cienega Blvd. in Inglewood, near Los Angeles International Airport. A family trust, which owned the hotel for 23 years, sold the asset to Irvine-based Greens Inc. for $23.7 million, or $159,932 per room. Although the number of rooms was not disclosed, the price per key equates to approximately 148 guest rooms. Matt Orville, Marshal Vogt and Jaimeson Hearne of Lee & Associates Orange, along with a referral from Vanessa Herzog of Lee & Associates Pacific Northwest, represented the seller in the deal.

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IndustrialLeasing ActivityLee & AssociatesTexas

CBRE Arranges 34,000 SF Industrial Lease in Southwest Houston

by Taylor Williams

HOUSTON — CBRE has arranged a 34,000-square-foot industrial lease in southwest Houston. The tenant, industrial parts distributor Merit Brass, will occupy space at The Business Center at Five Corners, a five-building, 550,000-square-foot development. Nathan Wynne, Joseph Smith and Savannah Smith of CBRE represented the landlord, a partnership between locally based developer Levey Group and ANICO Eagle, in the lease negotiations. Reed Parker of Lee & Associates represented Merit Brass.

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IllinoisIndustrialLee & AssociatesMarket ReportsMidwestMidwest Market Reports

New Construction Deliveries Bring Chicago’s Industrial Market Down from the Clouds

by Kristin Harlow

By John Cassidy and Calvin Gunn, Lee & Associates If you love a good groundbreaking photo — full of shiny shovels, hard hats and smiling development teams — you may be disappointed this year, for all the best reasons. With Chicago’s most recent wave of speculative industrial projects currently being delivered, the market now actually has space to offer industrial tenants — a refreshing change from the past few years.  With construction costs and interest rates continuing to rise and credit availability shrinking, many developers with ties to Chicago are pausing new projects as exit cap rates are becoming more difficult to predict. At the same time, market fundamentals are starting to cool from the pandemic-era eruption of demand. The good news: Chicago’s industrial market may be down from the clouds, but it’s still historically quite healthy. Vacancy rate in perspective  According to Lee & Associates of Illinois’ second-quarter industrial snapshot, construction deliveries caused the Chicago industrial vacancy rate to tick upward for the second consecutive quarter. However, a 3.68 percent vacant market is still considered a historically low vacancy environment. As a comparison, that vacancy rate measured about 12 percent at the end of 2009 and 6.6 percent in …

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IndustrialLeasing ActivityLee & AssociatesTexas

Lee & Associates Negotiates 12,271 SF Industrial Lease in Richardson, Texas

by Taylor Williams

RICHARDSON, TEXAS — Lee & Associated has negotiated a 12,271-square-foot industrial lease at Grove Business Park in the northeastern Dallas suburb of Richardson. Jessica Reinhardt and George Tanghongs of Lee & Associates represented the landlord, an entity doing business as Dallas North Industrial LLC, in the lease negotiations. Byron McCoy of Younger Partners represented the tenant, automotive paint specialist English Color & Supply LLC.

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AcquisitionsIllinoisLee & AssociatesMidwestRetail

Lee & Associates Brokers $1.5M Sale of Retail Center in Round Lake, Illinois

by Kristin Harlow

ROUND LAKE, ILL. — Lee & Associates has brokered the $1.5 million sale of an 18,600-square-foot retail center in Round Lake, a far north suburb of Chicago. The renovated property, located across from Round Lake METRA station, is fully occupied by five tenants, including a banquet hall, barber shop, café, toddler indoor playground and martial arts studio. Rick Scardino of Lee & Associates represented the buyer, La Luz Bakery. Tyler Dechter of Baum Realty represented the seller, Mon Ami Realty LLC.

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IllinoisLeasing ActivityLee & AssociatesMidwestRetail

Bullfrog International Inks 10,840 SF Retail Lease in Gurnee, Illinois

by Kristin Harlow

GURNEE, ILL. — Bullfrog International, a designer and manufacturer of high-end hot tubs, has inked a new lease for 10,840 square feet at Gurnee Town Center in Gurnee, a far north suburb of Chicago. Rick Scardino, Michael Petrik and Sean Bishop of Lee & Associates represented the tenant. Branden Reedy and Jimmy Danaher of CBRE represented the landlord, Kite Realty. Lee & Associates also assisted Bullfrog International with a lease in Vernon Hills earlier this year.

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