NAI Hiffman brokered a long-term lease at 220 Westgate Drive in Carol Stream, Illinois, with zero days of vacancy for building ownership.
The brokerage team of Executive Vice Presidents Kelly Disser and Mike Freitag, along with Senior Associate Bill Byrne and Associate Broker TJ Feeney, represented the landlord in the transaction.
This deal is the second time in four years the Disser team successfully executed a lease at 220 Westgate, with a combined total of less than five days of vacancy.
“Every time our team is retained by a real estate owner to lease or sell an industrial asset, our objective is to have zero downtime, maximizing rental revenue,” said Disser. “This was another successful project for our team. Each assignment is an opportunity to do something that others can’t, so we pursue the challenge. We love the industrial outdoor storage market because of its overlooked strategic advantages including high barriers to entry, ‘sticky’ tenants and resilient cash flow.”
NAI Hiffman created a competitive leasing environment by focusing marketing efforts around the property’s desirable Carol Stream address and functional design. As a result, the asset had multiple interested occupiers seeking a long-term lease. The property went on the market 12 months before lease expiration and found a new tenant before the prior term was up, resulting in a lease buyout and zero effective vacancy for building ownership. The new tenant declined to be identified.
The 1.72-acre site includes an 18,800-square-foot building with approximately 4,000 square feet of office space including a second-floor conference room. The structure offers an 18-foot clear height with one truck door and two 14-foot drive-in doors, along with a fully paved, fenced and secure yard.
