NAI Hiffman represented NORKOL Converting Corporation in its relocation to the CenterPoint 88 Industrial Center in Montgomery, Illinois.
NORKOL signed a long-term lease agreement for 330,694 square feet within the industrial building at 900 Knell Road.
Dan Leahy, executive vice president, industrial services, at NAI Hiffman, represented NORKOL in the transaction. Rick Daly and George Cibula of DarwinPW Realty represented the landlord, CenterPoint Properties.
NORKOL, one of the largest family-owned paper and packaging providers in the nation, sought to expand operations while maintaining rail service and avoiding disruption to its customers. NAI Hiffman’s Leahy provided site selection options, property tours in multiple submarkets, comprehensive market intelligence, proposal responses/submissions and lease negotiation guidance.
Originally built in 1960 and most recently renovated in 2000, the industrial property is served by the BNSF Railway and located less than 5 miles from I-88. Featuring over 74 million square feet of industrial space, the I-88 Corridor was one of the Chicago area’s better-performing submarkets last year, with a 3.0% vacancy rate as of fourth-quarter 2023, according to NAI Hiffman research.
NORKOL operates as a third-party converter, warehousing and logistics provider, and distributor for six mills in North America, Asia and Europe. The company plans significant upgrades to the facility including improvements to the truck courts, sprinkler system, power capacity and lighting, plus demolition of the existing 30,000-square-foot mezzanine, enclosure of 10 interior docks and reactivation of the rail spur. The company will move from its Northlake, Ill., headquarters of 37 years in spring 2024.
