SOMERDALE, N.J. — NAI Mertz has negotiated the $6.4 million sale of a 44,055-square-foot industrial building in Somerdale, located outside of Philadelphia in Southern New Jersey. According to LoopNet Inc., the building at 900 Kennedy Blvd. was originally constructed in 1980 and features a clear height of 12 feet and five loading docks. Scott Mertz of NAI Mertz represented the buyer, plumbing and HVAC products distributor F.W. Webb, in the transaction. Jonathan Klear, also with NAI Mertz, represented the seller, locally based investment firm Faropoint.
HOUSTON — Fashion Wheels Inc. has signed a 33,376-square-foot industrial lease renewal in northwest Houston. The apparel wholesaler will remain a tenant at the building at 7108 Old Katy Road, which according to LoopNet Inc. was originally constructed in 1999 and totals 192,960 square feet. Chase McAteer of local brokerage firm Oxford Partners represented the tenant in the lease negotiations. Faron Wiley of CBRE represented the landlord, PGIM Real Estate.
HIALEAH, FLA. — NAI Miami | Fort Lauderdale has brokered the $52.9 million sale of Countyline East Logistics Center, an industrial facility located at 16300 N.W. 97th Ave. in Hialeah, a suburb of Miami. An undisclosed buyer, which plans to fully occupy the 171,178-square-foot property, purchased the asset from the developer, a partnership between East Capital Partners and VLIETCO Enterprises. Countyline East was delivered earlier this year and features a fully secured truck court, approximately 6,000 square feet of office space and 36 clear heights. The design-build team for the facility included Miller Construction, Langan Engineering and Arcadis Architects. Gabriel Garcia-Menocal of NAI Miami | Fort Lauderdale represented the buyer in the transaction, and Devin White, David Albert and Mateo Coman of CBRE represented the seller.
HUDSON, OHIO — Industrial Realty Group (IRG) has begun the redevelopment of the 1.4 million-square-foot former headquarters campus of fabrics retailer Joann in Hudson, located roughly midway between Cleveland and Akron. The 130-acre campus currently features industrial and office space, as well as undeveloped land. IRG plans to redevelop the campus to support uses such as corporate headquarters, distribution, research and development, manufacturing and retail, through both ground-lease and build-to-suit opportunities. In addition, the company will rebrand the campus as Hudson District and has tapped CBRE as the leasing agent. Joann filed for Chapter 11 bankruptcy in 2024 and earlier this year announced that it would begin closing all its retail stores.
AcquisitionsContent PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesLoansMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern
Lee & Associates’ Report: Q2 Net Absorption Declines Across All Property Sectors Except Multifamily
Lee & Associates’ 2025 Q2 North America Market Report looks back at shrinking (or negative) net absorption for industrial, office and retail sectors in the last quarter. Meanwhile, multifamily tenant demand beat previous expectations in the same three months, as a feared recession failed to materialize. The mix of factors for absorption varied by property type: industrial and office markets saw increases in vacancy, while competition for retail space remained high, even in the face of high-profile closures. Lee & Associates’ full market report is available to read here (plus detailed vacancy rates, cap rates by city, market rents, square footage information, information on Canadian markets and more). The recaps for industrial, office, retail and multifamily sectors below detail trends and outlooks for each property sector in the remainder of 2025. Industrial Overview: Vacancies Rise, Rent Growth Slows Concern over the impact of tariffs has added to slowing tenant growth in logistics and manufacturing across North America. But the continued easing demand has resulted in more choices and benefits for users that have been subjected to a prolonged stretch of steep rent growth. Vacancies in the United States have risen to 7.4 percent, a decade-long high, while deliveries continued to outpace tenant expansion. Net absorption fell …
HOUSTON — Jackson-Shaw will develop R45 Distribution Center, a 347,387-square-foot, cross-dock industrial project in North Houston. The North Texas-based developer closed on the 29-acre site at the northeast corner of Ella Boulevard and West Richey Road earlier this summer, and construction will begin in the coming days and last about 12 months. Project partners include Compatriot Capital as the equity partner and Inwood National Bank as the lender. ARCO Design Build is serving as the general contractor, and Kimley-Horn is the civil engineer. Colliers has been named the leasing agent.
FORT WORTH, TEXAS — Cummings Electrical has signed a full-building, 66,882-square-foot industrial lease in Fort Worth. The electrical engineering and contracting firm is relocating from the nearby building at 14900 Grand River Road to Centreport Tech Center, a two-building complex on the city’s northeast side, via a 10-year deal. Jason Finch, Erik Blais and Michael Spain of Bradford Commercial Real Estate Services represented the landlord, Fort Capital, in the lease negotiations. The deal brings Centreport Tech Center to full occupancy.
PHILADELPHIA — A joint venture between the logistics arm of Philadelphia-based investment firm Arden Group and global investment management firm Arcapita Holdings Group has received a $700 million loan for the refinancing of a national portfolio of 167 industrial properties. The portfolio totals approximately 7.2 million square feet and is primarily comprised of small- and mid-bay multi-tenant facilities. The names and addresses of the properties were not disclosed, but market-specific locations include Dallas, Atlanta, Indianapolis and Boston. Tom Rugg, Tom Traynor, Mark Finan, Arman Samouk and Kayla Kaloostian of CBRE arranged the five-year, floating rate loan. Deutsche Bank and Barclays provided the debt.
DORAL, FLA. — CBRE has negotiated the $82.3 million sale of a six-building industrial portfolio within America’s Gateway Park in Doral, a city in Miami’s Airport West submarket. Longpoint Partners, a Boston-based private equity firm, purchased the 301,988-square-foot portfolio from Terreno Realty Corp. José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun and Daniel Sarmiento of CBRE represented the seller in the transaction. The sold buildings range in size between 32,990 square feet and 64,774 square feet and were collectively 91 percent leased at the time of sale to 21 tenants.
ROCKAWAY, N.J. — CBRE has negotiated the $12.7 million sale of Pine Street Commons, an industrial flex property in Rockaway, located just west of New York City. The property consists of six buildings on a 17-acre site. Charles Berger and Jeffrey Babikian of CBRE represented the seller, an entity doing business as Pine Street Commons LLC, in the transaction. The team also procured an undisclosed private investor as the buyer. Pine Street Commons was roughly 95 percent leased at the time of sale.