Colliers International | Chicago’s industrial advisory group has arranged four lease transactions totaling nearly 340,000 square feet. The leases were secured in Arlington Heights, Des Plaines, Franklin Park and Northbrook, Illinois.
“We continue to see the Chicago industrial real estate market performing with vacancy rates at levels not seen since 2001,” said Tom Rodeno, a principal in Colliers’ rosemong office who was involved in all four deals.
Jim Estus and Rodeno represented building owner Hamilton Partners in a 60,792-square-foot lease to Taiki USA at West O’Hare Commerce Center. The building, located at 703-709 Algonquin Road in Arlington Heights, features modern precast construction, premier visibility, signage and easy access via I-90 and Algonquin Road. Taiki was represented Mike Sedjo of CBRE in the deal and will move in July 2019 from their current, smaller facility in Elk Grove Village, Illinois.
Rodeno and Matthew Stauber provided dual representation in a 106,848-square-foot lease at 3701 Centrella Street in Franklin Park. Owned by Morgan Stanley, the facility is Class A new construction, located across the street from O’Hare International Airport, and is less than one mile to the I-294/I-90 interchange. The tenant, Apex, will move to the new facility on March 1, where it will expand from 32,000 to 107,000 square feet.
Stauber and Patrick Turner represented building owner BRE Alpha Industrial/Gateway Industrial Properties in an 86,905-square-foot lease to Creative Technology at 2200 South Mount Prospect Road in Des Plaines. On April 1, Creative Technology will move its growing Midwest headquarters to the facility from 1455 Estes in Elk Grove Village, where they lease 59,000 square feet. Rodeno represented the tenant, Creative Technology, in the deal.
Finally, Rodeno and Turner represented Crimson AV in their 84,087-square-foot lease at 500-512 Lindberg Lane in Northbrook. In Q1 2019, Crimson will expand its headquarters from 50,000 square feet at 1854 Elmdale in Glenview, Illinois. Sam Badger and Jared Paff of CBRE represented the building owner, Zilber Property Group.