COLUMBUS, OH-Sears Logistics has renewed two leases, at about 216,325 sf, in two neighboring properties in the city. The company renewed its 96,325-sf lease at 1615 Georgesville Rd., and a 120,000-sf lease at the 1727 Georgesville Rd. building nearby.
Sears, the major department store chain, leases both properties for use as distribution centers. Daniel F. Miranda, president, and Kenneth Verne, general manager for HSA Commercial Real Estate, represented the company as the owner of the properties. Ken Isenberger with Continental Realty/Cushman Wakefield represented Sears in the 1615 Georgesville lease, while HSA represented Sears as well in the other building lease. Sears has been a long-term tenant in the properties.
Officials with HSA did not return a phone call for comment on the deals' lease rate or term. The average asking lease rate for distribution property in the Southwest market is $3.14 per sf. The two sites are part of an 11-building, 2.5-million-sf industrial portfolio, with properties in Ohio and Kentucky, that was purchased by HSA in 2005.
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