Tucker Development brings new tenant to Yorkville Marketplace
Yorkville, Ill. — Tucker Development Corp. said that Athens Gyros & Kebabs will open a location at Yorkville Marketplace, located in Yorkville, Ill.
The Middle Eastern restaurant signed a lease to occupy a 1,258-sq.-ft. space within the 145,000-sq.-ft. shopping center anchored by Jewel-Osco and OfficeMax.
Jones Lang LaSalle: Measured recovery of global real estate markets to continue
Chicago — A recent report from Jones Lang LaSalle showed that the current state of real estate markets suggests a temporary deceleration in the on-going global real estate market recovery.
According to JLL’s latest Global Market Perspective report, sentiment is, however, recovering and full-year 2012 commercial real estate volumes are expected to match the robust levels seen in 2011.
Total global investment and leasing volumes fell by around 20% in first quarter 2012, compared with first quarter 2011. This slip can be attributed to a lagged response to heightened investor and corporate occupier caution during the latter part of 2011. A lack of available investment product, shortages of high quality space for lease, combined with an absence of large transactions have also suppressed volumes, according to JLL.
“Despite the apparent volatility in recorded investment volumes, a strong deals pipeline persists,” said Arthur de Haast, head of the International Capital Group at Jones Lang LaSalle. “The weight of capital dedicated to real estate is solid, with further inflows expected from other asset classes.”
Haast added that confidence among real estate investors is returning and, while investors remain somewhat cautious, most are still executing their strategies, albeit with longer transaction times. “On this basis, we are optimistic that full year global real estate investment volumes will remain at similar levels to 2011 at around $400 billion,” Haast said. “The greatest uplift is expected in the Americas, where volumes could be 10-15% higher than in 2011.”
Red Mango to open new New Jersey outlet
Hoboken, N.J. — Metro Commercial Real Estate said that it has negotiated a 1,350-sq.-ft. lease in downtown Hoboken, N.J., for frozen yogurt purveyor Red Mango.
The urban storefront, located in a former pizza space, is slated to open this summer.