Avison Young negotiated a 25,054-square-foot industrial lease at 1260 Lunt Avenue in Elk Grove Village, Illinois. The O’Hare submarket lease brings the 50,117-square-foot building to full occupancy.
Avison Young principals Chris Lydon and Chris Tecu, based in the company’s Chicago office, represented the owner, Oak Brook, Illinois-based CenterPoint Properties. The tenant, Lions Logistics, was represented by Main Street Real Estate Group, based in Chicago.
“We continue to see strong tenant demand in the O’Hare submarket, which offers tremendous advantages for industrial businesses involved in the distribution of goods on a local, regional or national level,” said Tecu. “With strong absorption and an influx of new development, the O’Hare submarket routinely outperforms many markets across the country.”
Lion Logistics is a national third party logistics company. The building includes 2,929 square feet of newly constructed office space, two interior docks and one drive-in door.
According to research from Avison Young and CoStar, the O’Hare market has recorded approximately 1.1 million square feet of industrial absorption in each of the past two years and is on pace to reach similar, if not higher, levels for 2019.
