NEW YORK CITY — Gymshark has signed a 15,000-square-foot retail lease in Manhattan’s NoHo district. The British fitness apparel and accessories retailer will occupy the entirety of the building at 11 Bond St., which was originally constructed in 1913, for its flagship U.S. store. Joel Stephen of CBRE represented Gymshark, which plans to open later this year, in the lease negotiations. Brandon Singer of Retail by MONA represented the landlord, RFR.
A major attraction within the Baltimore industrial real estate market has historically been the Port of Baltimore, as it is the most inland port on the East Coast, ranks in the top 20 nationally for tonnage and top 10 for dry bulk and attracts users and investors for its impressive capabilities. Closing on the end of first-quarter 2025, here are a few noteworthy project and market updates: March 26, 2024: The Key Bridge collapsed due to a physical collision from the container ship Dali. The bridge collapse was a tragic event with six lives lost and shipping (both in and out) being blocked for nearly three months as crews cleared the debris. $2B Key Bridge rebuild: Maryland Gov. Wes Moore unveiled the new design for rebuilding the bridge in February. The bridge is anticipated to deliver by fall 2028 and comes with enhanced capabilities, such as a 45-foot height increase and a 300-foot width increase for the shipping channel when compared with the previous design. Kiewit Infrastructure estimates the overall project will cost $2 billion. Howard Street Tunnel: As part of nearly $500 million directed toward local infrastructure projects, CSX recently kicked off the long-awaited Howard Street Tunnel project being …
WEST JORDAN, UTAH — J.P. Morgan and Starwood Property Trust have provided $2 billion in financing for a data center project in West Jordan, located just south of Salt Lake City. The borrower, a partnership between Los Angeles-based investment firm CIM Group and regional operator Novva Data Centers, will use the proceeds to complete construction of the second and third phases of the latter entity’s 100-acre flagship Salt Lake City campus. At full build-out, the campus will span approximately 1 million square feet and have a total power capacity of 175 megawatts (MW). According to The Wall Street Journal, that is enough electricity to power about 175,000 U.S. homes of average size. Development of the campus began several years ago, with the first phase coming on line in 2023, the same year in which ownership secured a full-campus lease with an undisclosed global tech company. Construction of Phase II of the project began in December 2023 and will feature a 318,000-square-foot data center building that will have the capacity to produce 72 MW of power. Construction of Phase III commenced in January 2024 and will also feature a 318,000-square-foot data center with a 72-MW capacity. Completion of both facilities is …
SCHERTZ, TEXAS — Atlanta-based developer Core5 Industrial Partners has completed an approximately 1 million-square-foot project in Schertz, a northeastern suburb of San Antonio. Core5 Logistics Center at Interstate 10 is located at the convergence of Loop 1640 and I-10 and adjacent to the future site of an H-E-B grocery store. The property consists of two buildings totaling 536,824 and 468,280 square feet. Building A features a cross-dock configuration, 110 dock-high doors, four drive-in doors, 36-foot clear heights and 134 trailer storage spaces. Building B has a rear-load configuration and offers 72 dock-high doors, two drive-in doors, 36-foot clear heights and 84 trailer storage spaces. Cushman & Wakefield is marketing the buildings, which represent Phase I of a larger development, for lease.
HOUSTON — Colliers has brokered the sale of a 135,641-square-foot office building in the Uptown/Galleria area of Houston. According to LoopNet Inc., the eight-story building at 675 Bering Drive was originally constructed in 1982 and renovated in 1999. David Carter of Colliers represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The building was 76 percent leased at the time of sale. The sales price was also not disclosed.
LEWISVILLE, TEXAS — Marcus & Millichap has arranged the sale of a 96-room hotel in the northern Dallas suburb of Lewisville. The Homewood Suites by Hilton Dallas-Lewisville was built in 1995 and renovated in 2008. Amenities include a pool, fitness center and two meeting/event spaces. Chris Gomes and Skyler Cooper of Marcus & Millichap represented the seller, Brandy Lodging LLC, in the transaction. The duo, in conjunction with Allan Miller of Marcus & Millichap, also procured the buyer, Centerpoint Hospitality.
HOUSTON — SM Energy has signed a 20,324-square-foot office lease expansion in Houston’s Energy Corridor area. The independent oil and gas provider will soon occupy 41,454 square feet across two newly renovated floors at One Eldridge, a 12-story, 245,315-square-foot building that is part of a larger campus owned by Granite Properties. Steven Mulhern of Mulhern Co. and Bill Scott of Real Estate One represented SM Energy in the lease negotiations. Jon Dutton and Andrew Elliott represented Granite Properties on an internal basis.
FORT WORTH, TEXAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 14,775-square-foot lease in Fort Worth. According to LoopNet Inc., the industrial flex building at 200 N. Vacek St. was originally constructed in 1950 and totals 49,130 square feet. Jake Neal and David Cason with Holt Lunsford Commercial represented the tenant, Ambiance Textiles, in the lease negotiations. The name and representative of the landlord were not disclosed.
NEW YORK CITY — A partnership between airline JetBlue (NASDAQ: JBLU), The Port Authority of New York & New Jersey and aviation facilities and operations manager Fraport USA has unveiled plans for the redevelopment of Terminal 5 at JFK International Airport in New York City. The redevelopment, which is part of a larger $19 billion overhaul of the airport, will include the addition of more than 40 new concessions and new amenities, such as art installations. The project team will also redesign the center concourse to pay homage to New York parks via greenery, benches and concrete chess tables. The redesigned center concourse will also feature a dedicated space for pop-up experiences, interactive events and live performances. The first new concessions are expected to open throughout 2025, with terminal improvements slated for full completion by the end of 2026. Today, about 165 JetBlue flights and 35,000 travelers pass through Terminal 5, which opened in 2008 and was expanded in 2014. The project follows the redevelopment of Terminal 6, which carries a price tag of $4.2 billion.
HOOVER, ALA. — Cushman & Wakefield and Greystone has arranged the sale of Ridge Crossings, a 720-unit apartment community located in the Birmingham suburb of Hoover. Canadian-based Avenue Living was the buyer. The sales price was not disclosed, but Birmingham Business Journal reports the property traded for $111 million. Originally completed in 1991, Ridge Crossings offers one-, two- and three-bedrooms ranging in size from 861 to 1,520 square feet. According to Apartments.com, amenities include a swimming pool, tennis and racquetball courts, fitness center, concierge services, dog park and a clubhouse. Andrew Brown, Craig Hey, Ben Thomas and Tommy Coleman of Cushman & Wakefield represented the undisclosed seller in the transaction. Additionally, Dan Sacks of Greystone originated a Fannie Mae loan of an undisclosed amount for the acquisition.