Discount grocer Aldi will expand its headquarters in Illinois, leasing additional space in the Naperville Woods Office Center at 1000-1100 E. Warrenville Road in Naperville. NAI Hiffman has been retained by the property owner, Agellan Commercial REIT, to lease and manage the two buildings.
Aldi is expected to occupy approximately 80 percent of the approximately 141,000 square feet of space that the REIT previously announced would be surrendered by Health Care Service Corporation (HCSC). Aldi’s lease will commence on January 1, 2019 and will have a term of ten years.
Last year, Aldi announced that it would invest $3.4 billion to expand its U.S. footprint from approximately 1,700 to 2,500 stores by 2022. It is unclear how many employees will work in the Naperville office as part of this corporate expansion.
HCSC will extend and expand its current lease at Naperville Woods Office Center by leasing approximately 32,000 square feet of additional space. In a separate transaction, Vulcan Construction Materials will extend approximately 13,000 square feet of its existing leased space at the Naperville property for an additional term of 5 years.
“These leasing achievements have helped to secure the cash flow at the REIT’s largest property, which now boasts a committed occupancy of 95 percent,” said Frank Camenzuli, chief executive officer of Agellan Commercial REIT. “These leases are the result of the hard work of our asset management, leasing and property management teams who continue to perform at a high level.”
Naperville Woods Office Center consists of two, Class A buildings comprised of 490,265 square feet on a 31-acre campus. Agellan Commercial REIT has invested over $13.5 million in capital improvements since 2007, including on-site concierge service, new food service operation, a fitness center, tenant lounges, electric vehicle charging stations and Zagster bike sharing.
