Avison Young closed a lease on behalf of developer Crow Holdings Industrial in a deal that will see Pivot Bio take 113,747 square feet in a newly constructed property. NAI Hiffman represented the tenant.
The full-building industrial lease in Chicago’s O’Hare industrial submarket was conducted by Avison Young principal Brian Colson and associate Brian Pomorski representing Crow Holdings. NAI Hiffman executive vice president Terry Herlihy represented Pivot Bio, makers of a novel crop nutrition solution.
“This market transaction demonstrates the resilience and strength of the Chicago industrial real estate market, more specifically, the O’Hare industrial submarket,” said Colson.
The newly constructed, Class A building has a new class 6B tax status. The property, located at 3311 Charles Street in Franklin Park, Illinois, is 10 minutes from O’Hare International Airport.
“We are pleased to welcome an environmentally-responsible tenant dedicated to developing solutions that improve the health and sustainability of our planet,” said Matt Kurucz, Midwest managing director for Crow Holdings Industrial. “Given the critical need for newly constructed manufacturing and distribution space within the Chicago market, we expect to see strong activity continue throughout 2020.”
Crow Holdings Industrial purchased the property in 2018 and completed the state-of the-art redevelopment in 2019. The building features 16 exterior docks, two drive-in-doors, 16 trailer stalls and a 32-foot clear height.
The facility is located at the crossroads of Chicago’s expressway system with proximity to O’Hare International Airport and access to a large, diversified labor pool. It has prominent tollway visibility along I-294 with the daily traffic count exceeding 160,000 vehicles.
The Chicago industrial market continues to show its strength, as growing e-commerce, retail and logistics businesses fuel significant construction and leasing activity. The Chicago industrial market is seeing robust construction activity, with approximately 15.3 million square feet under construction and 5.4 million square feet delivered at the close of the second quarter 2020, according to Avison Young research. Net absorption reached 5.4 million square feet, significantly higher than the previous quarter’s 1.4 million square feet, keeping the vacancy rate stable at 6.6 percent.