FORT WORTH, TEXAS — Lee & Associates has negotiated a 156,205-square-foot industrial sublease at 401 Railhead Road in Fort Worth. According to LoopNet Inc., the property was built in 2001 and totals 305,225 square feet. Reid Bassinger and Trey Fricke of Lee & Associates represented the sublessor, Davoil Inc., in the lease negotiations. Tim Vogds of CBRE represented the sublessee, Dallas-based home goods retailer Tuesday Morning Inc.
BLUE ASH, OHIO — Lee & Associates | Cincinnati has signed a 13,904-square-foot office lease to occupy the entire second floor of 10260 Alliance Road in Blue Ash, a southern suburb of Cincinnati. Ohio National owns the property. Todd Pease and Michelle Klingenberg of JLL represented ownership in the lease transaction. Bill Schneller and Dan McDonald of Lee & Associates represented the tenant, which is relocating from 10123 Alliance Road and is expected to take occupancy of the new space in January.
WHEELING, ILL. — Lee & Associates has negotiated the sale of a nearly four-acre site at 231 Wheeling Road in Wheeling, a northwest suburb of Chicago. The sales price was undisclosed. The buyer, General Capital, plans to build Union Apartments, a four-story multifamily property. Rick Scardino of Lee & Associates represented the seller, Palumbo Bros. David Erickson of CBRE represented the buyer.
When the pandemic engulfed the world last year, few analysts predicted that the multifamily sector would flourish and thrive so well. Most suspected that the sector would be on life support. Yet, despite a year-long national eviction moratorium, there hasn’t been a better time to be a big apartment-building landlord. Multifamily-property values have increased 13 percent since before the pandemic and more money is being invested now in apartment buildings than in any other type of commercial real estate. How did this happen and what explains this? Lee & Associates’ research will delve into why the multifamily sector, contrary to past predictions and present-day misperceptions, is flourishing as never before. 1. Measured on an annual basis, national asking rents rose 10.3 percent in August. That marked the first double-digit increase in the more than 20 years the data of 13 million professionally managed apartments has been collected, and in several cities, the rent increases were much more significant than the national figure.[1] August rents rose more than 20 percent year-over-year in Phoenix, Las Vegas and Tampa. Similarly, monthly rents were up more than 20 percent in comparable markets such as Boise, Idaho and Naples, Florida. 2. Multiple factors explain this …
LEWISVILLE, TEXAS — Lee & Associates has negotiated a 249,093-square-foot industrial lease at 2075 Midway Road in the northern Dallas suburb of Lewisville. According to LoopNet Inc., the property sits on 28 acres and features 32- to 36-foot clear heights and 185-foot truck court depths. Adam Graham, Mark Graybill and Johnny Anderson of Lee & Associates represented the landlord, First Industrial Texas LP, in the lease negotiations. The representative of the tenant, Swiss chemical provider Sika, was not disclosed.
FORT WORTH, TEXAS — Lee & Associates has negotiated a 301,995-square-foot industrial lease at Everman Distribution Center in Fort Worth. The property is located within Carter Distribution Center and features 38-foot clear heights, 280-foot truck court depths, 196 car parking spaces, 92 trailer parking spaces and 22 dock-high doors. Trey Fricke and Reid Bassinger of Lee & Associates represented the landlord, The Hollingsworth Cos., in the lease negotiations. Tom Golarz and James Ewing of Colliers International represented the tenant.
GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated a 146,748-square-foot industrial lease at 2750 114th St. in Grand Prairie, located roughly midway between Dallas and Fort Worth. According to LoopNet Inc., the property was built in 1998 and spans 196,012 square feet. Mark Graybill and Reed Parker of Lee & Associates represented the landlord, Prologis, in the lease negotiations. The representative of the tenant, third-party logistics firm Amplex Corp., was not disclosed.
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Lee & Associates Breaks Down Third-Quarter Economic Outlook by Sector
The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector …
NEW BRAUNFELS, TEXAS — TaskUs, a provider of digital technology solutions, has signed a lease renewal and expansion to occupy more than 80,000 square feet of office space at Heritage Plaza in the San Antonio suburb of New Braunfels. Wills Bauer and Randy Cooper of Stream Realty Partners represented TaskUs in the lease negotiations. Shawn Gulley represented the landlord, Worth & Associates, on an internal basis. TaskUs will modify its space to include a gaming lounge, meditation room and a break room.
THE COLONY, TEXAS — Lee & Associates has negotiated a 123,269-square-foot industrial lease at 2001 Midway Road in the northern Dallas suburb of The Colony. According to LoopNet Inc., the property features a rear-load configuration and 168 car parking spaces. Johnny Anderson, Adam Graham and Mark Graybill of Lee & Associates represented the landlord, First Industrial Texas, in the lease negotiations. The name and representative of the tenant were not disclosed.