CARROLLTON, TEXAS — NAI Robert Lynn has negotiated a 162,000-square-foot industrial lease expansion at 4717 Plano Parkway in the northern Dallas suburb of Carrollton. The deal essentially triples the Dallas-area footprint of the tenant, third-party logistics firm JB Hudco, to 240,000 square feet. Chad Albert of NAI Robert Lynn represented JB Hudco in the lease negotiations. George Billingsley represented the landlord, Billingsley Co., on an internal basis.
TULSA, OKLA. — Aristocrat Gaming, a manufacturer of slot machines and similar products, has signed a 137,500-square-foot lease for its new headquarters at 15336 E. Admiral Place in Tulsa. The property is under construction, with the warehouse component scheduled for completion this winter and the office component slated for a summer 2022 delivery. Dwayne Flynn and Ryan Shaffer of CBRE represented Aristocrat Gaming and the landlord, Tulsa-based Miller Investments & Properties, in the lease negotiations.
FORT WORTH, TEXAS — Stream Realty Partners has arranged a 67,095-square-foot industrial lease at North Quarter 35, a four-building, 645,000-square-foot development located in the Alliance submarket of Fort Worth. Seth Koschak, Forrest Cook and Brett Carlton of Stream Realty Partners represented the landlord, North Texas-based M2G Ventures, in the lease negotiations. The tenant was Prickly Pear Skin Care LLC.
EAGLE LAKE, TEXAS — Provider Nexion Health has opened Eagle’s Landing, a memory care community within its Arbor Hills Rehabilitation and Healthcare Center in Eagle Lake, approximately 70 miles west of Houston. The asset offers 20 units. The Arbor Hills Rehabilitation and Healthcare Center was one of nine Texas facilities that Nexion Health took over the operations of in December 2020.
NEW JERSEY — Evans Senior Investments (ESI) has arranged the sale of a 120-bed skilled nursing community in New Jersey for $24 million. The property, the name and location of which were not released, was built in the last 20 years with multiple renovations since. ESI represented the seller, an independent owner-operator that sought to exit the long-term care industry. The buyer was an East Coast-based owner-operator of skilled nursing communities that wanted to grow its presence in New Jersey.
BOSTON — Developer MG2 Group is nearing completion of 319 & Park, a 38-unit apartment project in East Boston. The luxury rental community will feature one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, slab cabinetry and hardwood flooring. Private outdoor spaces will also be available in select units. Elevated Cos. is leasing the property. Full completion is slated for early 2022.
NEW YORK CITY — Opentrons, a provider of lab automation technology, has signed a 47,790-square-foot life sciences lease at Innolabs, a facility located in the Long Island City area of Queens. Pandemic Response Lab, a subsidiary of Opentrons, moved in to a 13,000-square-foot space in late August. Neochromosome, another subsidiary, and Opentrons will occupy the balance of the space beginning in early 2022. Bill Harvey, Jared Horowitz, Jordan Gosin and Emma Kistler of Newmark represented the landlord, a partnership between King Street Properties, The Carlyle Group and GFP Real Estate, in the lease negotiations.
BILLERICA, MASS. — Avison Young has negotiated an 18,600-square-foot office headquarters lease for pharmaceutical and biotech research firm PureHoney Technologies at 3 Federal Street in Billerica, a northwestern suburb of Boston. Kirk Weller and Jason Levendusky of Avison Young represented the tenant, which will relocate from 44 Manning Road in the fourth quarter, in the lease negotiations. Brian Tisbert of JLL represented the landlord, Rhino Capital.
WALTHAM, MASS. — Design-build firm Dacon Corp. has completed a 19,000-square-foot office renovation project in the western Boston suburb of Waltham. The building will serve as the new headquarters of Mass Electric Construction, a locally based firm founded in 1928. As part of the project, Dacon replaced closed-off wall partitions with glass-walled offices and conference rooms and built collaborative areas along the reception area and amid employee offices.
By Glenn Brill, managing director, FTI Consulting Inc. Despite the growth of e-commerce as consumer expenditures and retailers adapt to omni-channel sales, digital marketing strategies and shifts in consumer behaviors resulting from COVID-19, most shoppers still go to stores. Eighty-six percent of consumer sales take place in a brick-and-mortar store environment, according to the U.S. Department of Commerce’s second-quarter e-commerce retail sales report. Still, upscale retailers are increasingly consolidating local market share into exclusively Class A retail properties. The death of the shopping mall is widely discussed and perhaps greatly exaggerated; high-end malls continue to find success as upscale consumers unleash pent-up demand and savings accumulated during the pandemic. However, due in large part to stagnant middle-class incomes and the struggles of stalwart anchors of middle-class consumption like J.C. Penney and Sears — as well as the general decline of department stores — many Class B and C malls have been left to compete with each other for declining shares of middle-market tenants in oversaturated markets. According to CoStar Group, U.S. mall properties had a vacancy rate of approximately 7.3 percent as of August 2021, representing the fourth consecutive annual increase. In an August report, Coresight Research estimated that 25 …
