Ronald J. Behm, SIOR, principal with Colliers International | Chicago’s Industrial Advisory Group, represented tenants Power Solutions International (Nasdaq:PSIX) and EA Logistics in three different lease transactions with landlord Hamilton Partners. Tom Maher handled negotiations on behalf of Hamilton Partners.
Mr. Behm represented Power Solutions International (PSI) in a 197,269-square-foot new long-term lease at Hamilton Lakes Business Park, 1465-1499 W. Hamilton Parkway, Itasca, IL. PSI, a leading cleantech manufacturer and supplier of industrial and on-road engine and power solutions, is leasing the entire building for R&D and production. The property, constructed in 1988, features pre-cast construction, over 200-car parking, 24′ clear ceiling height, exterior docks, and fronts the new Elgin O’Hare Expressway extension. PSI is expected to occupy the new location in 2015 after completing major renovations.
Behm has represented PSI since 1985, when the company leased its first building totaling 14,000 square feet. PSI now occupies more than 600,000 square feet in the O’Hare area.
Behm also completed a new 112,012-square-foot long-term lease for EA Logistics— a freight forwarding, logistics, and warehousing provider in the O’Hare area for more than 30 years— at 2825 Carl Street in Elk Grove Village, IL. Constructed in 1979, this 148,064-square-foot property features a newly installed ESFR sprinkler system, 24′ clear ceiling height, and precast construction. This transaction represents an additional location for EA Logistics, which also has a 40,002-square-foot lease at Mark Street Business Park, 1121 N. Wood Dale Road in Wood Dale, IL. Behm completed a long-term lease renewal for EA Logistics at that location, within an 82,283-square-foot facility constructed in 1997 and featuring ESFR sprinkler system, 24′ clear ceiling height, 61-car parking, and nine exterior docks.
“There is a tremendous amount of demand in the O’Hare area right now, particularly on the DuPage County side of the market where there are so few available buildings above 200,000 square feet,” said Behm. “As vacancy rates have now fallen below 8.0 percent for the first time since 2001, it is clear that many tenants including PSI and EA Logistics have recognized the value of remaining in the area,” he added.
