SCHAUMBURG, ILL. — Lee & Associates has brokered the sale of a 94,490-square-foot industrial facility in the Chicago suburb of Schaumburg for an undisclosed price. Constructed in 1988, the building is located at 2050 Mitchell Blvd. adjacent to Schaumburg Regional Airport. Terry Grapenthin, Michael Plumb and Ryan Earley of Lee & Associates represented the undisclosed seller. Nick Krejci and Noel Liston of Core Industrial Realty represented the buyer, a manufacturing user.
MCKINNEY, TEXAS — Lee & Associates has negotiated a 65,811-square-foot industrial lease at 801 Harry McKillop Blvd. in the northern Dallas suburb of McKinney. The building is located within McKinney National Business Park. Brett Lewis of Lee & Associates represented the tenant, Robert Madden Industries, a wholesale distributor of heating and air conditioning products, in the lease negotiations. Randy Touchstone and Kodie Comby of JLL represented the landlord, Transwestern Development Co.
CARROLLTON, TEXAS — Third-party logistics firm UniUni has signed a 36,000-square-foot industrial lease in the northern Dallas metro of Carrollton. According to LoopNet Inc., the property at 1401-1407 Dunn Drive was built in 1980 and totals 100,800 square feet. Adam Graham and Stephen Williamson of Lee & Associates represented the landlord, High Street Realty, in the lease negotiations. The tenant representative was not disclosed.
DALLAS — Lee & Associates has negotiated a 49,542-square-foot industrial lease in northwest Dallas. According to LoopNet Inc., the property at 119 Regal Row was built in 1978 and totals 230,710 square feet. Stephen Williamson of Lee & Associates represented the landlord, Dogwood Industrial Properties, in the lease negotiations. Jeremy Mercer of Mercer Co. represented the tenant, Kit Composites, which serves the wind energy and marine industries.
DEER PARK, TEXAS — Lee & Associates has negotiated a 21,000-square-foot, full-building industrial lease in Deer Park, an eastern suburb of Houston. The building at 2751 Aaron St. sits on 10.3 acres and features 5,700 square feet of office space. Josh Carl and Trey Erwin led the transaction for Lee & Associates. The names of the tenant and landlord were not disclosed.
DALLAS — Lee & Associates has brokered the sale of an 82,098-square-foot civic property in South Dallas. The five-building property spans 11.9 acres at 330-340 E. Ann Arbor Ave. and previously housed a school. Ally Tanghongs and George Tanghongs of Lee & Associates represented the seller, an entity doing business as Kim & K Development LLC, in the transaction. The undisclosed buyer plans to redevelop the property into an industrial facility.
FORT WORTH, TEXAS — Atlanta-based investment and development firm Stonemont Financial Group has sold a newly built, 218,000-square-foot industrial building in North Fort Worth. Dot Foods purchased the building for an undisclosed price, and its subsidiary, OmniCable, will become the facility’s new tenant. Blaine Kelly of CBRE represented OmniCable and Dot Foods in the transaction. Becky Thompson of Lee & Associates represented Stonemont. The deal was finalized before the completion of construction, which began in mid-2022.
Slower absorption and rent growth plagued industrial, office and multifamily asset classes across the United States in the third quarter, as outlined in Lee & Associates’ 2023 Q3 North America Market Report. Some regional exceptions were able to buck the overdevelopment trend, but retail was the only property type to avoid the quarter’s shift toward rising vacancy rates. High interest rates, slower rent growth and fear of overbuilding have contributed to lower construction starts in every sector. The full Lee & Associates report is available — including breakdowns of factors like detailed vacancy rates, inventory square footage, cap rates outlined city by city, market rents and more — here. The analysis below provides an overview of industrial, office, retail and multifamily real estate sectors alongside sector trends, economic background as well as geographic exceptions within each property type. Industrial Overview: Absorption Continues Slowing, Inventories to Spike Demand for industrial space remained positive in the United States in the third quarter, but growth this year has lost steam compared to strong net absorption totals of the last two years. U.S. net growth in the third quarter totaled 29.9 million square feet compared to 94 million square feet for the same period last year. …
DALLAS — Lee & Associates has negotiated a 19,791-square-foot industrial lease in northwest Dallas. According to LoopNet Inc., the property at 5145 Norwood Road was built in 1981, totals 43,040 square feet and features 22-foot clear heights, three drive-in bays and 156-foot truck court depths. Ally Tanghongs of Lee & Associates represented the Tenant, Xpress Foods, in the lease negotiations. Stephen Williamson and Matthew Johnson, also with Lee & Associates, represented the landlord, Stonelake Capital Partners.
DALLAS — Florida Tile has signed a 14,903-square-foot industrial lease in northwest Dallas. According to LoopNet Inc., the property at 9755 Clifford Drive was built on 8.2 acres in 2001 and totals 114,320 square feet. Adam Graham and Stephen Williamson of Lee & Associates represented the landlord, Prologis, in the lease negotiations. The tenant representative was not disclosed.
