John Joyce, CCIM and Caitlin Crawford of SVN Chicago helped secure a 15-year lease at 425 Crossing Ave. in University Park, Illinois.
Joyce and Crawford represented the tenant while Brian Vanosky of Lee & Associates represented Link Logistics Real Estate, in the leasing of a 284,000-square-foot industrial cross-docked, 30-foot clear space, with 65 trailer spaces and 4,000 AMPS located about a mile from a four-way interchange on I-57. The tenant will occupy the space in early March, expanding their multi-state manufacturing operation to the southwestern suburb located 28 miles from downtown Chicago.
“After naming this assignment Project Crossroads several years ago, the multi-state search began as a build-to-suit to purchase. After focusing in Northwest Indiana, our client was under contract to develop an 80-acre rail-served site. From February to April of 2021, the prices for building products such as steel, tilt-up concrete panels, and roofing materials increased by 30-40%, as a result, the strategy immediately shifted to leasing existing, pre-inflationary built facilities in the southern suburbs of Chicago,” Joyce said.
