Brown Commercial Group negotiated a 75,072-square-foot, full-building industrial lease at 2601 Lively Blvd. in Elk Grove Village, Illinois, that will allow Masterpiece International to combine three locations into one, expand its space and improve efficiencies.
Vice President of Sales Jim Pietrarosso represented the tenant, an international freight forwarder and logistics provider based in New York City. The company specializes in moving artwork, antiquities, and goods in the technology, life sciences and energy sectors. As a freight forwarding business that operates internationally, the tenant needed a location near O’Hare International Airport.
The O’Hare submarket remains one of the top locations for industrial space in the Chicago market. At the close of 2022, the submarket had 690,000 square feet of absorption for the year and a super low vacancy rate of 3.1%, according to CoStar. Demand continues to exceed supply, making it a challenge for tenants looking to expand or enter the submarket.
Due to the limited availability of space in the area, Pietrarosso conducted a search for 40,000 to 50,000-square-foot buildings within a five-mile radius around the O’Hare submarket and found only 10 buildings that fit the tenant’s requirements.
There is approximately 1.3 million square feet currently under construction in the O’Hare submarket, but vacancy is expected to remain at the current low level for the remainder of the year, if not longer. Rental rates have increased at a brisk 8.8% over the past year, according to CoStar.
Sam Durkin and Phil Reiff of JLL represented the landlord, ML Realty Partners.
Pietrarosso also represented the seller, Plote, in a 5.1-acre land sale at 900-950 S. Randall Road in Elgin, IL. The buyer plans to add general business and retail stores to the site, which is currently vacant.
