Colliers International‘s David A. Bercu, SIOR, principal; Jonathan D. Kohn, executive vice president; and John D’Orazio, associate, represented Interstate Partners LLC in a 37,000-square-foot new long-term lease to Elgin Recycling at 86 Prairie Parkway, Gilberts, IL.
Elgin Recycling provides recycling services for End of Life electronics. The company is R2 (Responsible Recycling) certified for dismantling computer components and sorting/packaging all other End of Life electronics for recycling. This is an above-standard certification that adds to Elgin Recycling’s excellent services. Elgin Recycling is also a member of the Institute of Scrap Recycling Industries. Elgin Recycling will utilize the space as at Prairie Business Park as an additional location for the de-manufacturing of electronic components and will occupy the facility in December 2014.
The property, also known as Prairie Business Park I, is the first of two buildings constructed in Prairie Business Park, a 60-acre mixed-use development located on I-90 in the Elgin-area industrial corridor. A third building totaling 276,000 square feet is currently under construction, while a fourth is planned for future development. Prairie Business Park I features precast construction, 30′ clear ceiling height, energy efficient low maintenance design, 100% Ductilcrete® exterior paving and slab, six exterior docks, and on-site property management.
“There has been an increase in both sale and leasing activity in the Elgin / I-90 Corridor recently, and vacancy has declined to 13.08%,” said Bercu. “Strong third quarter tenant demand resulted in net absorption of 421,700 square feet, as tenants are really recognizing the benefits of residing along the I-90 Corridor. Prairie Business Park, in particular, offers tenants the opportunity to be in high quality new construction with the cost savings that accompany an energy efficient design,” he added.
Remaining vacancy in Prairie Business Park consists of 67,708 square feet in Building II, and 276,000 square feet in Building III, which is set for completion in spring 2015.
Elgin Recycling was represented in this lease transaction by Dan Brown of Brown Commercial Group, Inc.
