MCKINNEY, TEXAS — Lee & Associates has secured a 51,288-square-foot industrial least at 1581 Corporate Drive in McKinney, a northeastern suburb of Dallas. Brett Lewis and George Tanghongs of Lee & Associates represented the landlord, Dalfen Industrial, in the lease negotiations. The tenant was not disclosed.
NEW YORK CITY — Lee & Associates has negotiated two office subleases totaling 22,000 square feet at 40 West 25th Street in Manhattan. Business intelligence software firm Looker Data Sciences signed an11,000-square-foot lease on the seventh floor, and Nonprofit medical technology company Gradian Health Systems also inked an 11,000-square-foot on the sixth floor. The sublessor, meal kit provider HelloFresh, will move its offices to a 43,000-square-foot space at 28 Liberty Street. Stephen Bellwood and Kevin Waldman of Cushman & Wakefield represented Looker Data in the lease negotiations. Robin Fisher and John Cilmi of Newmark Knight Frank represented Gradian. The landlord is Unizo Real Estate. Both companies are expected to take occupancy on December 1, and both terms are for approximately five and a half years.
ARLINGTON, TEXAS — Lee & Associates has brokered the sale of two industrial buildings totaling 151,700 square feet in Arlington. The properties are located at 2000 and 2030 E. Arbrook Blvd., less than a mile from Interstate 20. Mark Graybill and Colton Rhodes of Lee & Associates represented the seller, Hamilton Commercial LLC, in the transaction. EastGroup represented the buyers.
HOUSTON — Lee & Associates has negotiated a 72,319-square-foot industrial lease at 1903 Tellepsen Drive in Houston. Reed Vestal and Taylor Schmidt of Lee & Associates represented the tenant, PSC Industries Inc., in the lease negotiations. Dayne Wunderlich, Steve Hazel and Ryley Caton of Insite Realty represented the landlord, Billingsley Co.
HOUSTON — Lee & Associates has negotiated an 88,000-square-foot industrial lease at 701 Plastics Ave. in Houston. According to LoopNet Inc., the property was built on 6 .2 acres in 1979 and includes 3,520 square feet of office space. Trey Erwin, Robert McGee and Dalton Knipe of Lee & Associates represented the undisclosed landlord in the lease negotiations. The tenant was Grow Texas Plastics LLC.
NEW YORK CITY — Lee & Associates has negotiated a 5,962-square-foot lease for WiredScore in Lower Manhattan. WiredScore has leased the entire second floor of 155 Wooster Street for three years, starting in September 2019. The company is more than doubling its office size from its previous location at 494 Broadway, where it occupied 2,700 square feet. Dennis Someck, Justin Myers and Conor Krup of Lee & Associates represented WiredScore in the negotiations. Someck and Myers also represented the landlord, Centurion Realty.
CALABASAS, CALIF. — Lee & Associates – LA North/Ventura has arranged the sale of an office building, located at 24151 Ventura Blvd. in Calabasas. An entity of Valley Crest sold the asset to an entity of Los Angeles-based 4M Investment Corp. for $24 million, or $314 per square foot. Constructed in 2004 as a build-to-suit for ValleyCrest Landscape Cos., the 76,496-square-foot building was designed by Nadel Architects and features 360-degree views of the Santa Monica mountains, an atrium and a 17-acre campus with outdoor seating areas. The buyer plans to convert the asset into a multi-tenant office building. BrightView currently occupies the property and will continue to do so until its lease expires at year’s end. Mike Tingus, Grant Fulkerson and Jonathan Bruce of Lee & Associates – LA North/Ventura represented the seller in the deal.
HOUSTON — Lee & Associates has negotiated a 46,950-square-foot industrial lease at 8700 Clay Road in Houston for Imperial Wholesale Inc., a provider of ceramic and tile products. According to LoopNet Inc., the property was built in 1980 and totals 160,275 square feet. Jim Autenreith and Sam Rayburn of Moody Rambin represented the building owner in the lease negotiations. Preston Yaggi of Lee & Associates represented Imperial Wholesale.
VISTA, CALIF. — Lee & Associates – North San Diego County has brokered the purchase of a net-leased investment property located at 1046-1050 La Mirada Court in Vista. Sterndahl Group 3 LLC acquired the asset from The San Diego 17 Trust for $2.4 million, or $205 per square foot. At the time of sale, the 11,971-square-foot building was leased to H2O Innovation USA on a long-term basis. The tenant specializes in water filtration, wastewater treatment and water reuse. Isaac Little, Marko Dragovic, TJ Donnelly and Matt Weaver of Lee & Associates – North San Diego County represented the buyer, while Rocket Glass represented the seller in the transaction.
E-commerce has been driving demand for industrial real estate for several years, but steadily increasing online sales coupled with growing consumer expectations for speedier delivery continues to put pressure on merchants to bridge the last mile to their customers. Considering that these projects are located in densely populated areas where land and available product are typically scarce, developers are increasingly converting obsolete warehouse and other properties into fulfillment centers. For space that matches their needs, tenants are less price-sensitive than they have been historically, says Kenneth Salzman, SIOR, executive managing director and principal for commercial real estate service provider Lee & Associates. But tenants are avoiding taking more space than they need just to have it available in the future, he adds. “It’s less a space race and more that businesses want to reach their customers more quickly,” explains Salzman, who is located in the company’s New York office. “And the demand is not just coming from Amazon and other online retailers — traditional companies want to be able to ship their products to their customers more quickly because they’re competing with online resources, as well.” Online retailers and shippers are typical tenants of the buildings — even the U.S. …