LAREDO, TEXAS — A partnership between Dallas-based Sunwest Real Estate Group and industrial investment firm AKRE Partners has purchased a 36,240-square-foot warehouse in the Rio Grande Valley city of Laredo. The small-bay building at 13609 Archer Drive is located within Killam Industrial Park. According to LoopNet Inc., the building was completed in 2001 and features 20-foot clear heights, 17 dock-high loading positions and 3,091 square feet of office space. The seller and sales price were not disclosed.
HOUSTON — Stream Realty Partners has secured an 18,118-square-foot industrial lease in West Houston. According to LoopNet Inc., the building at 1325 S. Creek Drive was built in 1980 and totals 153,741 square feet. Garrret Geaccone and Boone Smith of Stream represented the landlord, Nuveen Real Estate, in the lease negotiations. The representative of the tenant, third-party logistics provider Lucky Dong, was not disclosed.
WYLIE, TEXAS — Fort Worth-based brokerage firm The Woodmont Co. has negotiated the sale of a 9,929-square-foot retail strip center in Wylie, located northeast of Dallas. The center was completed in 2024. Russel Wehsener of The Woodmont Co. represented the buyer in the transaction. George Tak of Jual Properties represented the seller. Both parties requested anonymity.
BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) and CBG Building Co. have begun leasing Blayr, a 217-unit multifamily redevelopment project in Bala Cynwyd, a northwestern suburb of Philadelphia. The project, which represents the second phase of a larger redevelopment known as Bala Cynwyd on City Avenue, is a conversion of the former 120,000-square-foot Lord & Taylor department store into an apartment complex with 16,000 square feet of ground-floor retail space. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include an outdoor pool, a golf and multisport simulator and a courtyard with grills and gathering spaces. Federal Realty received zoning approval for the project in February 2024, broke ground a few months later and topped off the project this spring. The first move-ins are scheduled for March.
ROCHESTER, N.Y. — FM Capital, a financial intermediary based in South Florida, has arranged $32.5 million in bridge financing for a portfolio of four multifamily properties totaling 385 units in the Rochester area. The portfolio consists of Community Manor Apartments, Hamlet Court Apartments, Lakewood Manor Apartments and Valley Brook Townhomes, which collectively span about 32 acres. Noam Temchin of FM Capital arranged the floating-rate financing through Sheridan Capital. The borrower was not disclosed.
PATERSON, N.J. — Marcus & Millichap has brokered the $5.2 million sale of a 12,892-square-foot retail strip center in the Northern New Jersey community of Paterson. The center at 385 McLean Blvd. was fully leased at the time of sale to Bank of America, Wingstop, Krauszer’s, Tony’s Bagels, Mina Place and Crispy Beauty. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — Kinderhook Industries has signed an office lease expansion at 505 Fifth Avenue in Midtown Manhattan. The private investment firm inked a 10-year deal for the entire 24th floor, which brings its footprint at the 26-story building to 21,752 square feet across two full floors. Paul Glickman, Diana Biasotti and Harrison Potter of JLL represented the landlord, Stawski Partners, in the lease negotiation. Alexander Chudnoff and Kate Roush, also with JLL, represented Kinderhook Industries.
CHEEKTOWAGA, N.Y. — Cleveland-based brokerage firm Cooper Commercial Investment Group has negotiated the sale of a medtail clinic in Cheektowaga, located just east of Buffalo, that is occupied by cannabis dispenser Verilife. According to LoopNet Inc., the facility at 3760 Union Road was built in 1989 and spans 3,606 square feet. Dan Cooper of Cooper Commercial represented the undisclosed, New York-based seller in the transaction. The buyer was also not disclosed.
By David Goldfisher, The Henley Group Secondary and tertiary office markets across the Midwest, including Chicago, Minneapolis, Madison, Milwaukee, Cleveland, Cincinnati, Columbus and St. Louis, are facing mounting pressure. While each city has its own challenges, a common theme is clear — vacancies remain high and liquidity is thin. Tenant shuffling One of the defining dynamics today is tenant reshuffling rather than net growth. As leases expire, employers frequently move from one building to another, seeking modernized space and stronger amenities. Renovating in place is disruptive and costly, while relocating allows businesses to upgrade with minimal operational downtime. This “musical chairs” effect highlights a deeper structural issue. There are only so many large anchor tenants in Midwest cities and few new entrants are seeking major blocks of space. There is more repositioning for existing tenants than attracting new ones. Flight to quality Landlords and developers are competing to deliver amenities that encourage office attendance and support talent retention. Modernized lobbies, tenant lounges and flexible collaboration areas have become standard expectations. Hines’ upgrades at Chicago’s 333 West Wacker Drive and 601W Cos.’ reinvestment in the Old Post Office demonstrate the scale of investment required. But not all landlords can compete. With …
DURHAM AND MORRISVILLE, N.C. — Pharmaceutical developer and manufacturer Novartis (NYSE: NVS) has announced a $771 million expansion of its footprint in North Carolina’s Research Triangle. According to the company, the expansion will create 700 new jobs in Durham and Wake counties and more than 3,000 indirect jobs by the end of 2030. The North Carolina expansion is part of the Swiss company’s pledge to invest $23 billion in U.S. infrastructure over the next five years. Doubling the company’s operational presence to more than 700,000 square feet, the expansion will significantly increase manufacturing capacity. The expansion will comprise new construction as well as the renovation of existing facilities across three sites in Durham and Morrisville. The new hub will include a new site in Durham housing two new facilities for manufacturing biologics and sterile packaging and a new site in Morrisville for the production of solid dosage tablets and capsules, as well as an expansion of an existing Durham facility to support sterile filling of biologics into syringes and vials. One of the new facilities will be located at Pathway Triangle, occupying 202,000 square feet at the 1 million-square-foot campus in Morrisville. CBRE represented both Novartis and the landlord, King …