NEW YORK CITY — Urban Atelier Group has signed a 25,270-square-foot office lease at 41 Madison Ave. in Midtown Manhattan. The New York-based construction management firm will relocate from an 18,000-square-foot space at 85 Fifth Avenue in the second quarter of 2025 to the entire 12th and 13th floors of the 42-story, 560,000-square-foot building. The lease term is 15 years. Ross Eisenberg of RDE Advisors represented the tenant in the lease negotiations. Robert Steinman represented the landlord, Rudin, on an internal basis.
CAROL STREAM, ILL. — Development Solutions Inc. (DSI) has broken ground on a 200,000-square-foot warehouse expansion for Frain Industries at 245 E. North Ave. in the Chicago suburb of Carol Stream. The addition will connect to Frain’s existing 330,000-square-foot facility, resulting in a combined footprint of 530,000 square feet. Upon completion, Frain Industries will operate the largest privately owned facility in Carol Stream, second in size only to the local post office, according to DSI. Completion is slated for June 2025. Headquartered in Carol Stream, Frain works in the packaging and processing industries.
BLUFFTON, IND. — Marcus & Millichap has arranged the $2.4 million sale of a retail property occupied by Walgreens in Bluffton, about 25 miles south of Fort Wayne. Constructed in 20023, the building is located at 1975 N. Main St. There are approximately 4.5 years remaining on the triple-net lease. Jordan Klink and David Klink of Marcus & Millichap represented the seller, Eureka Limited Co., and procured the buyer, Valuecom22 LLC, an out-of-state 1031 exchange investor.
CHICAGO — DarwinPW Realty/CORFAC International has brokered the sale of a 9,600-square-foot flex building located at 2224 W. Grand Ave. in Chicago for an undisclosed price. The property is home to Rainbow Art Inc. and is currently zoned C2-2, which allows for a mixed-use development. The building is situated in the West Town neighborhood and features clear heights ranging from 12 to 16 feet, one drive-in door and two-story office space. Marc Hale and Ali Nix of DarwinPW Realty/CORFAC International brokered the sale. A residential developer purchased the asset.
NEW YORK CITY — Interior design firm Staged To Sell Home will open a 23,856-square-foot office and showroom in the Sunset Park area of Brooklyn. The lease term is seven years, and the space is located within Building 22 of Industry City, a 35-acre mixed-use development. Noah Jay of Compass represented the tenant in the lease negotiations. Brad Blum internally represented the landlord, a partnership between Belvedere Capital, Jamestown and Angelo Gordon & Co. A tentative opening date was not announced.
NEW YORK CITY — CBRE has arranged a 14,071-square-foot office lease expansion at 575 Madison Ave. in Midtown Manhattan. The tenant, international law firm Kozusko Harris Duncan LLP (KHD), will relocate from the 24th floor, where it occupies 8,629 square feet, to part of the 12th floor of the 25-story building. Chris Mansfield, Zac Price and Tara Rhodes of CBRE represented KHD in the lease negotiations. William Hooks, David Hollander, Gregg Rothkin, Bradley Auerbach and Maxwell Tarter, also with CBRE, represented the landlord.
— Jason Hallahan, associate of Colliers Reno — Northern Nevada’s office market has shown continued resilience in 2024 as the region has seen robust tenant demand, fewer sublease availabilities and evolving market trends. Though Northern Nevada experienced an influx of vacant space that hit the market in the middle of the year, year-to-date tenant demand has been largely positive. Robust absorption in the first and third quarters of 2024 has driven annual net absorption to more than 77,500 square feet. While many larger office markets felt an immediate impact at the onset of the pandemic, Reno’s office market began to see the wave of sublease space hit the market at the start of 2022 — nearly two years later. At its peak in the first quarter of 2023, available sublease space accounted for 28.2 percent of all available space on the market. Northern Nevada’s sublease market has continued to shrink over the past two years as the total square footage recently dropped below 90,000 square feet. This is less than one-third of the 2023 peak, which was 303,000 square feet of available sublease space. This loss of sublease space is due to large sublease suites being occupied by new subtenants, …
Canadian Solar’s e-Storage to Develop $712M Battery Manufacturing Facility Near Louisville, Kentucky
SHELBYVILLE, KY. — Shelbyville Battery Manufacturing, a subsidiary of e-Storage, has announced plans to develop a $712 million project in Kentucky, establishing a 6-gigawatt hour battery cell, module and packaging manufacturing facility. Based in Canada, e-Storage is a subsidiary of Canadian Solar — a battery energy storage systems design, manufacturing and integration company. Upon completion, the development will comprise a 1 million-square-foot building located on Logistics Drive in Shelbyville, roughly 35 miles east of Louisville. Shelbyville Battery Manufacturing will produce self-contained energy storage systems at the facility that will be packaged into modular, containerized utility-scale batteries. “The new plant will allow us to provide our U.S. customers with cutting-edge, American-made battery energy storage products,” says Colin Parkin, president of e-Storage. According to a press release issued by the office of Kentucky Gov. Andy Beshear, the project will create 1,572 permanent jobs and marks the third-largest project for job creation during Beshear’s administration, which began in 2019. In August, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved a 15-year incentive agreement with Shelbyville Battery Manufacturing to provide up to $35 million in tax incentives. The authority also approved the manufacturer for up to $5 million in tax incentives through the …
MIDLOTHIAN, TEXAS — Dallas-based developer KDC has delivered a 422,000-square-foot, build-to-suit distribution center for energy services provider Oncor in Midlothian, a southern suburb of Dallas. The site spans 60.7 acres, and the facility features a cross-dock configuration, 36-foot clear heights, interior offices, a break room and training rooms. Alliance Architects designed the project, and Peinado Construction served as the general contractor. Construction began in December 2023.
LOCKHART, TEXAS — Austin-based Evergen Equity has purchased a 284,000-square-foot industrial property in Lockhart, a southern suburb of Austin. The sale includes nine acres of undeveloped land. While under contract, Evergen negotiated a 49,000-square-foot lease with Hill Country Foodworks for its new headquarters and main distribution facility. Stream Realty Partners will market the remainder of the space/land for lease/sale. The seller and sales price were not disclosed.