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CHICAGO-Except for a 12.7% vacancy rate in the warehouse/distribution sector, investment sales and leasing activity are up, while the industrial vacancy rate rises slightly to 8.7%, according to a first-quarter report by Cushman & Wakefield.
ISELIN, NJ-The infotech company will use its 46,000 sf of sublet space at Metropark as its second business continuity/disaster recovery center in the US. Prudential is the sublessor.
HOUSTON-Pro-Tech Laundry Systems signs for 7,500 sf of showroom and warehouse space at Houston's Astro Business Center along Knight Road. A broker on the deal says the firm relocated to be closer to its clients.
PHOENIX-Superior Hardwoods will be relocating into an EastGroup Properties warehouse that's now 73% occupied. The incoming tenant has signed a $1-million pact for 56,000 sf at 616 S. 55th Ave.
UNIVERSITY PARK, IL-USAA Real Estate is revving up a large distribution center project for Sweetheart Cup. The San Antonio-based USAA will own and develop the building, the first in the 250-acre Commerce Center at University Park.
DALLAS-Allsteel, a leading office furniture supplier, opens its first Dallas showroom in space that's been dormant for two years at Chateau Plaza. Meanwhile, New Media
DENVER-Although the commercial real estate market appears to have it bottom, Todd Wheeler of Cushman & Wakefield, Lang Wiliams of CB Richard Ellis and Mike Mismash of Swinerton Builders concur an uptick won't be seen this year.
HOUSTON-With 1.3 million sf for all of 2001 being absorbed, the first quarter's 1.2 million sf is phenomenal. The hope is four million sf to five million sf will be absorbed before the year closes, says a Cushman & Wakefield of Texas broker.
WACO, TX-CBL & Associates slides in as the new owner of Richland Mall, paying $43.5 million. The REIT's other Texas malls are located in Beaumont, College Station, Del Rio and Uvalde. Lilac Properties of Waco is the seller of record.
HOUSTON-In a submarket with a 13.9% vacancy, any deal would be welcome. Mexi-Link's lease is particularly soothing since it brings a corporate headquarters relocation to the Energy Corridor. The importer will set up shop in 2,270 sf.