CARROLLTON, TEXAS — Lee & Associates has negotiated a 22,000-square-foot industrial lease at 1536 Hutton Drive in the northern Dallas suburb of Carrollton. According to LoopNet Inc. the property was built in 1986 and spans 89,560 square feet. Ken Wesson and Adam Graybill of Lee & Associates represented the landlord, EastGroup Properties, in the lease negotiations. The representative of the tenant, CMD Group, a provider of countertops for kitchens and bathrooms, was not disclosed.
LEWISVILLE, TEXAS — Lee & Associates has negotiated a 46,628-square-foot industrial lease in the northern Dallas suburb of Lewisville. The newly constructed building is located at 550 Jubilee Lane. Adam Graham and Corbin Blount of Lee & Associates represented the landlord, Boston-based TA Realty, in the lease negotiations. The representative of the tenant, Redi Carpet, was not disclosed.
CARROLLTON, TEXAS — Lee & Associates has negotiated a 157,979-square-foot industrial lease at 1800 Kelly Blvd. in the northern Dallas suburb of Carrollton. According to LoopNet Inc., the property was built in 1970 and totals 315,000 square feet. Ken Wesson and Phil Rosenfeld of Lee & Associates represented the landlord, Link Industrial Properties, in the lease negotiations. The representative of the tenant, paper distributor Western-BRW, was not disclosed.
NORTH BERGEN, N.J. — Mobility services provider First Transit has signed a 72,000-square-foot industrial lease in North Bergen, located across the Hudson River from Upper Manhattan. According to LoopNet Inc., the single-tenant property at 5901 Tonnelle Ave. was originally built in 1958. Scott Deutchman of Lee & Associates represented the tenant in its site selection and lease negotiations. Chaus Realty represented the landlord, Maryland-based industrial investment firm Realterm.
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Lee & Associates’ Third-Quarter 2022 Economic Rundown by Sector
Lee & Associates’ newly released 2022 Q3 North America Market Report examines third-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This sector-based review of commercial real estate trends for the third quarter of the year examines the difficulties facing each asset class and where opportunities in the commercial real estate landscape may be emerging. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the summaries below provide high-level considerations of the overall health and obstacles for the industrial, office, retail and multifamily sectors. Industrial Overview: High Rent, Low Vacancy Everywhere North American industrial space availability is tight everywhere while rent growth and property prices remain near or have moved beyond historic highs. Through the third quarter, the United States’ vacancy rate settled at 4 percent, up 10 basis points from second quarter 2022. Average rents increased 11.4 percent year over year with gains of 19 percent in Miami, 18.7 percent in Southern California’s Inland Empire, 16 percent in Phoenix and 14.6 percent in Atlanta. Since the COVID lockdown in March of 2020, developers of U.S. logistics space have been …
POWAY, CALIF. — Lee & Associates has brokered the sale of an industrial property located at 13535 Danielson St. in Poway. The freestanding building traded for $11 million in an off-market transaction. The single-tenant, 30,667-square-foot building is fully temperature controlled and offers two dock-high doors, one grade-level door and 26-foot clear heights. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates North San Diego County represented the undisclosed seller, while Ryan Earnhart of Lee & Associates Ontario represented the undisclosed buyer in the deal.
LEWISBERRY, PA. — Lee & Associates has brokered the sale of a 189,000-square-foot industrial facility in Lewisberry, a southern suburb of Harrisburg. The distribution center at 525 Industrial Drive was built on a speculative basis and features a clear height of 32 feet, 45 loading docks and an ESFR sprinkler system. Bob Yoshimura, Joe Hill, Eric Mattson and Connor Sanbower of Lee & Associates represented the seller, a partnership between Boston-based firms High Street Logistics Properties and TA Realty, in the transaction.
NEW YORK CITY — Katz & Associates has negotiated two retail leases in Queens. Japanese grocery store Teso Life signed a 6,000-square-foot lease in the Bayside neighborhood, and Filipino fast casual restaurant Jollibee committed to 3,614 square feet at 91-23 Queens Blvd. Daniel DePasquale of Katz & Associates represented the landlords, Paulipark Associates LLC and Midwood, respectively, in both deals. Both concepts will open in 2023.
PASSAIC, N.J. — Lee & Associates has negotiated the $52 million sale of a 330,000-square-foot industrial property that is situated on a 10.7-acre site at 153 Linden St. in the Northern New Jersey community of Passaic. Rick Marchisio, Brian Lynch and Drew Maffey of Lee & Associates represented the seller, Waitex, and procured the buyer, Thor Equities, in the transaction. David Sitt, Peter Rotchford, Matthew Pizzolato and Ryan Carroll of JLL arranged a three-year, floating-rate loan through Tremont Realty Capital on behalf of Thor Equities.
SOUTH PLAINFIELD, N.J. — Lee & Associates has brokered the $36.5 million sale of a 200,000-square-foot industrial property located at 18-20 Harmrich Road in South Plainfield, about 40 miles south of Manhattan. The two-building property sits on 18 acres and features clear heights of 28 feet, multiple loading docks and additional outdoor storage space. Rick Marchisio, Crista Governara and Drew Maffey of Lee & Associates represented the undisclosed seller and the buyer, Boston-based investment firm Marcus Partners, in the off-market transaction.