NAI Hiffman and Hiffman National, the firm’s property management and advisory services division, announced that Chicago-based fashion retailer AKIRA has executed a long-term lease extension for 202,105 square feet of warehouse space at 150 E. Crossroads Parkway, Unit A, in Bolingbrook, Illinois.

The extension allows AKIRA to maintain and expand its distribution operations in the Interstate 55 Corridor, one of the Chicago area’s premier industrial submarkets. The NAI Hiffman brokerage team of Dan Leahy and Dan O’Neill represented AKIRA in the transaction.

“This transaction reflects the value of a strategic, data-driven real estate approach,” said Leahy, executive vice president at NAI Hiffman. “By thoroughly evaluating both on-market and off-market opportunities, we were able to help AKIRA make a well-informed decision that supports its continued growth, automation implementation and operational efficiency in the Midwest.”

The extended lease allows AKIRA to maintain its established distribution footprint while supporting future expansion. The property is owned by Prologis.

Colliers has been awarded the exclusive leasing assignment for 601 City Center, located in Oakland’s downtown. The firm has been hired by the new owner, Kennedy Wilson, to lease the property’s 24-story, 607,000-square-foot office tower. EVPs Charlie Allen and Anthony Shell and SVP Amber Merrigan will lead the marketing efforts.

“We’re excited to reintroduce Bay Area companies to this exceptional office tower,” said Allen. “Its new construction and upgraded design features, including a double-glazed glass curtain wall and illuminated exterior, make it an outstanding option for companies seeking a distinctive new home. We can accommodate a large contiguous block of approximately 260,000 square feet or professional suites starting at 5,000 square feet.”

Built in 2019, the Class A tower is the first high-rise office building constructed in the city in roughly a decade. Kennedy Wilson acquired it in April through foreclosure, according to published reports.

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Global Net Lease, Inc. (GNL) and Modiv Industrial, Inc, announced on Monday a definitive merger agreement under which GNL will acquire Modiv in an all-stock transaction valued at an enterprise value of approximately $535 million. The transaction, once completed, will provide GNL with an attractive portfolio of high-quality mission-critical industrial properties across the U.S. GNL intends to fully repay all of Modiv’s existing balance sheet debt and pay off Modiv’s preferred stock using its revolving credit facility and cash on hand.

“We believe this transaction is a compelling opportunity for GNL to expedite our transition to earnings growth in 2026 following the completion of our deleveraging initiative while continuing to reduce our office exposure,” said Michael Weil, CEO of GNL. “Modiv has thoughtfully assembled a high-quality portfolio of industrial net-lease assets that provide durable and predictable cash flows that align well with our objectives of enhancing earnings and long-term portfolio quality.”

Aaron Halfacre, president and CEO of Modiv, added, “We have long believed that our portfolio’s quality was historically mispriced by the marketplace and that we would be receptive if someone sought to close the value gap sooner than we could. Over the past year, Modiv attracted substantial interest from a range of suitors, including multiple unsolicited offers, but GNL distinguished itself through the long-term opportunity this transaction creates.”

Pictured: A Modiv-owned cold storage facility in Yuma, AZ.

For single-tenant net lease (STNL) retail in the second half of 2025, Colliers reported a steady but increasingly selective environment, shaped by cautious consumer spending, tariff pressures, elevated construction costs and tighter capital markets. Vacancy held near 4.3% and new supply was still constrained by high development and financing costs.

Sales volume increased to $6.5 billion, a 14% increase from H1 2025. with the drugstore sector alone up 49%. The median cap rate for sales compressed to 6.7%, down 10 basis points, while the median price per square foot fell to $294, 4.9% lower than in H1.

“Deal activity increasingly reflected a preference for smaller format retail assets because of necessity-oriented tenants and investors’ continued focus on liquidity, operational efficiency, and long-term income
durability within the STNL sector,” wrote Anjee Solanki, Colliers national director, Retail Services & Practice Groups | U.S., and Nicole Larson, senior manager, National Retail Research | U.S.

A subsidiary of The Cheesecake Factory has been hit with a $2.7M lawsuit over the sudden closure of a large restaurant in the Brickworks redevelopment.

Culinary Dropout closed in the Brickworks development in West Midtown Atlanta in January, less than two years after it opened.

Asana Partners filed a lawsuit in Fulton County Superior Court on April 14 against an affiliate of Phoenix-based Fox Restaurant Concepts after it shuttered the Culinary Dropout eatery in January. The suit says Asana is owed millions in unpaid rent and build-out costs.

The lawsuit names CDO Holding Co. LLC, which is registered to Fox Restaurant Concepts, as a defendant, claiming it guaranteed the 11-year lease for nearly 12K SF at 1000 Marietta St. FRC founder Sam Fox signed the guarantee for the lease, which was filed as an exhibit in the lawsuit.

Culinary Dropout signed the lease in October 2021, opened in fall 2023 and closed Jan. 15, one of nearly a dozen restaurants to fold in West Midtown in recent months.

Asana, which is being represented by Arnall Golden Gregory attorneys Knox Withers and Kelsey O’Neill, claims FRC owes nearly $2.7M, including nearly $1.9M for unamortized tenant improvement allowances and $463K in leasing commissions. Culinary Dropout owes $50K a month for the lease, which will continue to accrue and includes escalation clauses, the lawsuit says.

“Tenant breached the lease by ceasing its business operations in the premises and by failing to pay certain monetary charges when they became due that are tenant’s obligations under the lease,” the suit says. 

FRC hadn’t filed an answer to the lawsuit as of press time, nor did it or The Cheesecake Factory return messages seeking comment. Asana Managing Partner Terry Brown declined to comment.

In addition to Culinary Dropout, Ford Fry’s Superica, Postino WineCafe, West Egg Cafe, Humble Pie and Snooze A.M. Eatery have all called it quits since the start of 2024 in what has been one of the hottest foodie destinations in Metro Atlanta. 

Expensive parking, high rents and fewer-than-expected office workers have all contributed to the struggles for eateries in the area, Bisnow previously reported.

“Rents are too high, the population is too low, and parking is tough. I think a lot of landlords are signing leases for the sake of signing leases,” Peter Kruskamp, president of retail brokerage The Shumacher Group, previously told Bisnow.

Charlotte-based Asana, in a Jan. 13 letter sent from AGG to Culinary Dropout and filed with the suit, demanded that the restaurant operator send it recent financial statements. It was unclear if FRC complied.

FRC, which also owns restaurant chains Flower Child, Zinburger and The Arrogant Butcher, should be required to pay the difference in rents if Asana leases its space to a new tenant for less than what Culinary Dropout was paying, the suit says.

FRC continues to operate a Culinary Dropout in Dunwoody.

The Cheesecake Factory purchased FRC in 2019 for more than $350M. The chain acts as Cheesecake Factory’s “incubation engine, innovating new food, dining and hospitality experiences to create fresh, exciting concepts,” the company said on its website. In 2024, FRC reported full-year sales of $6.4M per location, or around $1,100 per SF.

Colliers announced that ROKK Solutions, a bipartisan public affairs and communications agency, has expanded its office at 2020 K Street NW in Washington, D.C.

Having previously leased approximately 7,440 square feet, ROKK Solutions has experienced rapid growth, and the agency has now secured 19,517 square feet of office space on the 8th floor of the building.

A Colliers team, led by Josh Cramer, Executive Vice President, and Alex Picciano, Vice President, facilitated the lease negotiation and assisted ROKK Solutions in securing additional financial support through the Vitality Fund offered by the Office of the Deputy Mayor for Planning & Economic Development. The fund provided ROKK with resources that can be applied to tenant improvements, rent abatements, security deposits, and other expenses.

“Connecting ROKK Solutions with the Vitality Fund was a key move in securing their new headquarters space,” said Picciano. “The fund’s incentives will offer ROKK essential resources to enhance their office space and support their growing team in Washington, D.C.”

Colliers arranged the 119,044-square-foot lease of Building 2 within Sanyo Logistics Center at 9350 Airway Rd. in San Diego’s Otay Mesa submarket. Reportedly it’s the largest new lease completed in size and deal value in the past 12 months in South County. The property is owned and operated by an affiliate of Badiee Development.

EVPs Mark Lewkowitz and Chris Holder and associate VP Will Holder, who have led the project’s marketing efforts since its completion in 2020, brokered the deal on behalf of Badlee. SVP Jeff Saywitz and Michael Mossmer of VOIT Real Estate Services represented the tenant, Brokerage & Logistics Solutions, Inc.

“Class A buildings such as this, within walking distance to the border and with superior dock counts, will always be highly valued to customs brokers and 3PLs,” said Lewkowitz. “We are so pleased with the successful outcome and thank the Badiee team for their continued trust and partnership.”

OC Lifetime Achievement Award: Johnson Capital Advisors’ Founder & CEO, now Principal Emeritus, Guy Johnson, will receive the Connect CRE Lifetime Achievement Award at Connect Orange County on Thursday, March 20th. Register to attend sit in on a very special Keynote Conversation between Guy and presenters from Matthews REIS, Red Oak Capital Holdings, and more, who have worked with Guy throughout his career. www.ConnectOC2025.com

Global Net Lease, Inc. has entered into a binding agreement to sell its multi-tenant portfolio of 100 non-core properties to a subsidiary of RCG Ventures Holdings, LLC for approximately $1.8 billion at an 8.4% cash cap rate. The sale would accelerate GNL’s deleveraging initiative and position the company as a pure-play, single-tenant net lease company.

GNL launched its strategic disposition initiative in 2024 to significantly reduce debt, enhance financial flexibility and lower the cost of capital. Following completion of the multi-tenant portfolio sale, GNL expects to have completed nearly $3 billion in dispositions by the end of 2025.

“We believe the proposed sale of our multi-tenant portfolio is a strategic and prudent transaction that will bolster our balance sheet and position GNL for continued success,” said Michael Weil, CEO of GNL. “The proposed transaction greatly decreases operational complexities, G&A expenses and capital expenditures associated with multi-tenant retail properties.”

Pictured: Fountain Square in Brookfield, WI, among the multi-tenant properties GNL is selling.

SRS Real Estate Partners closed the $6.84-million ground lease sale of a Raising Cane’s property located at 4100 Central Ave. in Riverside. Situated on 1.29 acres, the 3,267-square-foot restaurant property was built in 2024 and has a corporate-guaranteed, absolute triple net 15-year ground lease in place.

SRS Capital Markets senior managing principals Patrick Luther and Matthew Mousavi represented the seller, a Southern California-based developer. The 1031 exchange buyer, a private investor from Washington, was represented by Brian Quinn and Bryan Cunningham of JLL. The closing cap rate was 4.75%.

“Acquiring this Inland Empire Raising Cane’s property provided the passive buyer with a strategic investment opportunity due to its prime location, strong brand presence, and consistent consumer demand,” said Mousavi. “Situated in a high-traffic area with excellent visibility and accessibility, the property benefits from the fast-casual dining sector’s resilience and growth.”

Lee & Associates completed a 20,987-square-foot lease at 849 N Church Court, Elmhurst, Illinois.

The institutionally owned and managed building is in DuPage County, and it’s also located less than one mile from access to I-290 and I-294 via Lake Street and Route 83. The property also offers access to major expressways and features two exterior docks.

Chris Nelson, Principal at Lee & Associates of Illinois, represented the tenant, FlashCo Manufacturing, Inc., the largest independent manufacturer of roof flashings and accessories in North America.

Register Today to “Be in the Room” when Michael Brennan receives Connect CRE’s Lifetime Achievement Award and will participate in the Keynote Interview with Kevin Brennan, also of Brennan Investment Group. Join us at Connect Industrial Midwest 2025 on the afternoon of Wednesday, March 5, at Joe’s Live in Rosemont, IL, for this exclusive presentation!