NEW YORK CITY — Avis Budget Group has signed a 21,400-square-foot retail lease in The Bronx. The car rental agency has committed to the property at 4075-4077 Boston Road, which includes a 16,000-square-foot lot, for the next 20 years. Steve Lorenzo and Garry Steinberg of Lee & Associates represented the tenant in the lease negotiations. Ariel Castellanos and Federico Mazzeo from Pinnacle Realty represented the landlord.
CARROLLTON, TEXAS — Lee & Associates has negotiated a 20,538-square-foot industrial lease in the northern Dallas metro of Carrollton. According to LoopNet Inc., the building at 2853 Dickerson Parkway was constructed in 1995 and totals 41,354 square feet. Johnny Anderson of Lee & Associates represented the landlord, Stonelake Capital Partners, in the lease negotiations. The tenant is American Leak Detection.
LAREDO, TEXAS — Lee & Associates has negotiated multiple new leases at Emami Plaza, a 34,000-square-foot shopping center located in the Rio Grande Valley city of Laredo. Among the new tenants at the center are D1 Training (4,600 square feet), SaladWorks (2,000 square feet), Farmers Insurance (1,500 square feet) and Tribalance Chiropractic (1,500 square feet). The deals bring the newly constructed center to full occupancy. Enrique Volkmer of Lee & Associates negotiated the leases on behalf of the undisclosed landlord.
EAGLE PASS, TEXAS — Lee & Associates has negotiated the sale of a 10-acre industrial development site in Eagle Pass, located north of Laredo along the Texas-Mexico border. The site at 4338 El Indo Highway is located within the 2,000-acre Empire Industrial Park. Enrique Volkmer of Lee & Associates represented the seller, an entity doing business as Empire Industrial Park LLC, in the lease negotiations. P.W. Ellis represented the buyer, Pilot Travel Centers LLC, which plans to develop and operate a diesel station and truck stop at the site. Vertical construction of the first 136,000-square-foot building is scheduled to begin in April.
AUSTIN, TEXAS — Lee & Associates has negotiated a 22,500-square-foot industrial lease in northeast Austin. The space is located within Building 1 of Springdale Business Center, which according to LoopNet Inc. totals 69,000 square feet and features 24-foot clear heights. Adam Green and Luke Boykin of Lee & Associates represented the landlord, Mississippi-based EastGroup Properties (NYSE: EGP), in the lease negotiations. The name and representative of the tenant were not disclosed.
ROSELLE, ILL. — Rieder NA, a manufacturer of concrete facades, has signed a 30,300-square-foot industrial lease at 20 Presidential Drive in Roselle within the North DuPage submarket. Jeff Janda and Mike Plumb of Lee & Associates of Illinois represented Tripar International Inc., which owns and occupies the rest of the 63,978-square-foot building. David Haigh of NAI Hiffman represented the tenant.
ITASCA, ILL. — Lee & Associates has brokered the sale of a 34,078-square-foot industrial building in Itasca for an undisclosed price. Located at 1170 Ardmore Ave., the property features multiple bridge cranes, a temperature-controlled warehouse and heavy power. Chris Nelson and Jeff Janda of Lee & Associates represented the seller, Tech-Max Machine Inc., a large parts manufacturing company that will expand into a larger facility in Itasca. Melody Mueller of Compass represented the buyer, Pulsarlube USA Inc., an Elk Grove Village-based company that specializes in single-point automatic lubrication.
WOODRIDGE, ILL. — Roadtex Transportation has signed a 90,655-square-foot industrial lease renewal at 2725 Davey Road in the Chicago suburb of Woodridge. The property, located in the Woodhill Crossings Business Park, features immediate access to I-55. Kenneth Franzese, John Cassidy and Jeff Galante of Lee & Associates of Illinois, along with James Cant of Fischer & Co., represented the tenant. Sean Henrick of Cushman & Wakefield represented the owner, Bristol Group.
RIVERSIDE, CALIF. — Silgai Development & Management has acquired a 3-acre development parcel located at the southwest corner of Meridian Parkway and Authority Road in Riverside for an undisclosed price. Mario Calvillo of Lee & Associates Riverside represented the buyer, while Finn Comer of Lee & Associates represented the undisclosed seller in the deal. At the time of sale, the site was entitled with construction drawings for two industrial buildings totaling 45,751 square feet. The buyer plans to develop the 21,139-square-foot and the 24,612-square-foot facilities. Groundbreaking is slated to begin in the second quarter of 2025. The buildings will be available for sale or lease.
AcquisitionsContent PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesLoansMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern
Lee & Associates Report: Final Quarter 2024 Net Absorption Trends in Industrial, Office Likely Temporary; Multifamily, Retail Net Absorption Trajectories Stickier
Lee & Associates’ 2024 Q4 North America Market Report looks back at the tenant demand, absorption rates and vacancy trends for industrial, office, retail and multifamily sectors nationwide to extrapolate what might be on the horizon for 2025 and beyond. While net absorption in industrial and retail is down from the same period in 2023, the reasons — too much supply in the pipeline versus too little — are opposite for each sector. Similar mirroring due to reverse factors can be seen in the net positive absorption last quarter in office and multifamily. Net industrial absorption was down 45 percent in the last quarter of 2024, compared to the same quarter in 2023. However, vacancy rates are likely to decline this year due to a lower volume of construction starts completing in 2025. New in-office policies among prominent companies contributed to the office market’s second consecutive quarter of positive absorption, but overall, office vacancy numbers are expected to continue rising until 2026. Low vacancy and factors challenging development meant very few options for retail tenants seeking new, high-quality space. Retail tenants in the food and beverage arena have been taking advantage of increased national spending on food outside the home …