HUMBLE, TEXAS — Lee & Associates has brokered the sale of a 76,202-square-foot warehouse situated on 30 acres at 6750 Bender Road in Humble, a northern suburb of Houston. Mike Spears and Robert McGee of Lee & Associates represented the buyer, 6750 Bender Road Ltd., in the transaction. Houston-based RBIP Transportation LLC purchased the property for an undisclosed price.
GRAPEVINE, TEXAS — Lee & Associates has negotiated an 88,200-square-foot industrial lease at 2520 Esters Blvd. in Grapevine, located near Dallas-Fort Worth (DFW) International Airport. Ken Wesson of Lee & Associates represented the tenant, engineering and logistics firm Communications Test Design Inc., in the lease negotiations. Nathan Lawrence of CBRE represented the landlord, Valeo North America.
WEST CHICAGO, ILL. — Lee & Associates has negotiated a 75,539-square-foot industrial lease on behalf of MAPEI Corp. in West Chicago. The property is located at 1701 W. Hawthorne Lane. Wise Plastics occupies the remaining portion of the 150,000-square-foot facility. Michael Androwich Jr. and Nick Eboli of Lee & Associates represented MAPEI, an international manufacturer of adhesives, sealants and other chemical products for the building industry. Michael Magliano of Cushman & Wakefield represented the owners, Cabot Properties and Blackstone Group.
NEW YORK CITY — Lee & Associates has brokered the $18.4 million sale of an 18,000-rentable-square-foot, 14th floor office condominium at 420 Fifth Ave. in Midtown Manhattan. Lee & Associates represented the buyer, Marist College, and the seller, A.M. Property Holding Corp., in the transaction. The space will serve as an alumni information center for Marist College in New York City. The private, liberal arts college is located in Poughkeepsie. The 28-story office building was completed in 1989 and is located near Bryant Park. Marist College will take occupancy of the space in December 2018.
DALLAS — Lee & Associates has closed the sale of a 13,800-square-foot industrial facility located at 2006 Farrington St. in Dallas. Stephen Williamson of Lee & Associates represented the buyer in the transaction. Robert Blankinship of NAI Robert Lynn represented the seller, Century Oak Investments. Other terms of sale were not disclosed.
LAS VEGAS— Since joining Lee & Associates in the New York City office in 2012, JP Sutro has closed over $200 million in retail lease transactions. The executive managing director specializes in representing both retail landlords and tenants throughout Manhattan and Brooklyn. REBusinessOnline caught up with Sutro during the RECon show in late May to get his take on the state of the retail market in New York City. The three-day deal making and networking event is the world’s largest global gathering of retail real estate professionals and typically attracts about 37,000 registrants. REBO:Nordstrom’s first foray into New York City has begun. A three-story, 47,000-square-foot men’s store opened at 57th Street and Broadway in April. How significant is it that Nordstrom has entered the market? Sutro:It’s fantastic. All the owners I know that have property on 57th Street have been waiting for this moment. They really think they are going to see an influx of more shoppers and more retailers playing off the Nordstrom’s idea — especially when you hear of other department stores not doing so well. It’s interesting to see Nordstrom having such confidence in the market, especially 57th Street, which has historically been a very strong shopping district. …
INDIANAPOLIS — Lee & Associates has negotiated the sale of a 20,786-square-foot industrial warehouse in Indianapolis for an undisclosed price. The property is located at 5402 Massachusetts Ave. Stan Elser of Lee & Associates represented the buyer, Gardner Associates LLC. Jeff Baumgardner of Century 21 Sheetz represented the seller, Parke Properties LLC.
LAS VEGAS — At RECon, the world’s largest retail real estate trade show held last week in Las Vegas, REBusinessOnline sat down with veteran Chicago broker Rick Scardino of Lee & Associates. A principal with the Chicago office, Scardino spearheads the retail division at Lee & Associates of Illinois. Discussion topics ranged from backfilling vacant space to local, independent grocers and the movement of online retailers embracing brick-and-mortar locations. What follows is an edited version of that conversation. REBO: According to Mid-America Real Estate Corp.’s Shopping Center Report, development has tailed off about 5 percent year over year. Is that a surprise or not? Scardino: This has been going on for a few years. It’s well known that the United States is the most over-developed retail country in the world by far. It’s all about rightsizing, simple supply and demand. I don’t see it as a bad thing. Certainly existing landlords who aren’t developing are thrilled to see less new competition coming online. There really hasn’t been a need for it. Mellody Farm in Vernon Hills, Illinois, is one of the few new projects with Whole Foods Market, REI and Nordstrom Rack as anchor tenants. Regency Centers Corp. is the …
DALLAS — Lee & Associates has negotiated the sale of a 36,227-square-foot industrial asset located at 121 La Paz St. on Dallas’ southeast side. Corbin Blount and Nathan Denton of Lee & Associates represented the seller, La Paz Partners Ltd., in the transaction. Caleb Bates of Bates & Myers Co., represented the buyer, Jessup Charitable Remainder Trust.
HOUSTON — Lee & Associates has negotiated the sale of a 113,000-square-foot industrial property located at 13827 W. Hardy Road on Houston’s north side. The two-building, crane-served property was built in 1981 and includes roughly 5,700 square feet of office space between the two buildings. Mike Spears and Robert McGee of Lee & Associates represented the undisclosed seller in the transaction. Clay Pritchett of NAI Partners represented the buyer, Houston-based Quasar GP LLC.
