ELGIN, ILL. — Lee & Associates has negotiated a 15,520-square-foot industrial lease for Soosan USA, a wholly owned North American subsidiary of Soosan Heavy Industries. The property is located at 1390 Gateway Drive in Elgin. Soosan designs, manufactures and supplies hydraulic breakers, compactors and crawler drills to 70 different countries. John Sharpe and Rick Anesi of Lee & Associates represented the tenant. Matt Garland of Cawley Chicago represented the owner, Clear Height Properties.
Economic headwinds such as elevated interest rates and persistent inflation led to mixed outcomes in the first quarter for industrial, office, retail and multifamily sectors, with market observers anticipating a contracting economy, as outlined by Lee & Associates’ 2024 Q1 North America Market Report. On the industrial front, market pressures — including interest rates and supply chain challenges — led to higher vacancy in the United States in the first quarter of the year. U.S. office space experienced its fifth consecutive year of contraction, as office worker attendance stagnated. Additional challenges, in the form of loans maturing in a high-rate environment, signal further challenges in the near future for the office landscape. Continued merchant demand, reduced closures and bankruptcies and limited supply converged to create a feeding frenzy for retail space, with vacancies at historic lows. And finally, geographically based factors drove multifamily markets, many of which (especially in the Midwest and Northeast) experienced a rebound in apartment demand fueled by rising consumer sentiment and moderating inflation, despite supply outpacing demand. Lee & Associates has made their full, first-quarter report available here (with breakdowns of cap rates by city, vacancy rates, market rents, inventory square footage and more). The summaries from each sector …
LAKE ZURICH, ILL. — Lee & Associates has negotiated the $1.2 million sale of Deertrail Court, a 9,800-square-foot retail strip center in the northwest Chicago suburb of Lake Zurich. Built in 1980, the property is located at 884 S. Rand Road. Tenants include Eye Level Learning Center, Mimi Nails, Nova Care Rehabilitation, Rush Physical Therapy and Sake Sush & Grill. Rick Scardino and Michael Petrik of Lee & Associates represented the undisclosed seller. Adam Foret of CBRE represented the buyer, N.D.C.V.G. Properties LLC.
MAMARONECK, N.Y. — Lee & Associates has brokered the $3.2 million sale of a 2,800-square-foot retail building in Mamaroneck, located north of New York City in Westchester County. The building sits on a half-acre site at 1444 E. Boston Post Road and was previously occupied by People’s United Bank. Peter Braus, Ben Tapper and Cory Gahr of Lee & Associates represented the seller, BFT Holdings LLC, in the transaction, and procured the buyer, an entity doing business as Integrity 1444 BPR LLC.
ELGIN, ILL. — Lee & Associates has negotiated a 106,120-square-foot industrial lease renewal and expansion at 300 Airport Road in Elgin. The tenant is UVA Distributors, a wine and spirits distributor. The lease includes UVA’s current unit of 46,130 square feet plus a 59,990-square-foot expansion. Kenneth Franzese, John Cassidy and Jeff Janda of Lee & Associates represented the owner, LINK Logistics. Mike Berkowitz of Entre Commercial represented the tenant. Built in 2010 and known as Fox River Business Center, the property totals 176,799 square feet and features a clear height of 30 feet.
ELGIN, ILL. — Sunset Healthcare Solutions has signed a 54,153-square-foot industrial lease at 2725 Alft Lane in Elgin. The lease brings the 108,307-square-foot building to full occupancy. Kenneth Franzese and John Cassidy of Lee & Associates represented the landlord, a private partnership. David Haigh of NAI Hiffman represented Sunset Healthcare Solutions, which is a national manufacturer and distributor of medical respiratory equipment for hospitals and private homes. The company is relocating from Bloomingdale.
NAPERVILLE, ILL. — iCode, an after-school program for kids focused on coding activities and STEM education, has signed a 2,262-square-foot retail lease at 632 Amersale Drive in the Chicago suburb of Naperville. Chad Littleton of Morrow Hill represented the tenant, while Michael Petrik and Rick Scardino of Lee & Associates represented the landlord, Jones Family Naperville LLC. STEM stands for science, technology, engineering and mathematics.
GARDEN GROVE, CALIF. — Lee & Associates Orange has arranged the sale of a freestanding industrial and warehouse property in the Orange County city of Garden Grove. The asset traded for $6.8 million. Situated on 1.12 acres at 7571 Santa Rita Circle, the building features 26,000 square feet of industrial and warehouse space, as well as a large, fenced yard. Jack Haley and Greg Diab of Lee & Associates’ Orange office represented the undisclosed buyer and undisclosed seller in the deal.
VALLEY VIEW, TEXAS — Lee & Associates has negotiated the sale of a 20-acre industrial development site in Valley View, about 50 miles north of Fort Worth. The site has frontage along I-35. Jarrett Huge and Alex Wilson of Lee & Associates represented the undisclosed seller in the transaction. The buyer, which also requested anonymity, plans to develop an RV parking facility at the site.
ST. CHARLES AND WEST CHICAGO, ILL. — Lee & Associates has negotiated the sales of three industrial buildings in the Fox Valley submarket of suburban Chicago. In the first transaction, the brokerage firm’s Andrew Block and Michael Plumb represented HFI Manufacturing in its $7.3 million purchase of a 60,196-square-foot property located at 3925 Stern Ave. in St. Charles. The duo also represented HFI in the sale of its 48,130-square-foot building at 1100 Carolina Drive in West Chicago. HFI is expanding and needed a larger facility for its stainless-steel manufacturing operations. The buyer of 1100 Carolina Drive was Paclantic Naturals LLC. In the third transaction, Andrew Block and Nick Eboli of Lee & Associates represented Eaglestone in the sale of a 19,888-square-foot property located at 3705 Swenson Ave. in St. Charles. A private buyer purchased the facility for $2.1 million. Eaglestone, a manufacturer of conveyor systems for the food processing and packaging industries, has expanded its operations into a larger 85,000-square-foot building at 1560 Frontenac Road in nearby Naperville. Block and Eboli also assisted Eaglestone in securing the new location.
