Cushman & Wakefield announced that Senior Director Larry Goldwasser and Associate Director Colin Green have secured a tenant for 180,417 sq. ft. of industrial warehouse space at 1401 N. Cicero Avenue. The modern, multi-functional space, part of a 394,000 sq.ft building, has been leased by Chicago-based packaging giant LBP Manufacturing, Inc. Brian Vanosky from Lee & Associates represented LBP in the transaction.
LBP will join Coca-Cola, the current tenant in the balance of the building. 1401 N. Cicero offers 30-33′ clear heights, +/- 2.5 acres of secured outside parking for 82 trailer and 96 car spaces, and a 2500 sq. ft. space for office use. LBP’s new space indicates that there may be a greater trend occurring in Chicago’s industrial property market.
“With the leases and sales that we’ve completed so far this year there is now only a small handful of 100,000 SF and larger buildings left that offer the highly-demanded features of new construction. This has led to several proposed new projects to help increase supply in the city,” said Goldwasser.
1401 N. Cicero is located 15 minutes from Downtown Chicago, allowing for excellent access to labor and various modes of transportation. According to Green, “This is another example of the amount of demand in the city from sizable tenants looking for new and more efficient industrial buildings.”
