Newmark Knight Frank (NKF) advised Flint Group in its 31,000-square-foot lease renewal at 1225 Lakeside Drive, an industrial asset in Romeoville, Illinois. NKF senior managing director, Corey B. Chase, represented Flint Group in the transaction; George Cibula of Darwin Realty/CORFAC International represented ownership.
“Flint Group, which has been at 1225 Lakeside Drive since 2015, wanted to maintain the locational benefits of the property, which features direct access to I-55 and Route 53,” said Chase. “In addition, we secured a tenant improvement package which will allow Flint Group to update their space.”
The property is located within the I-55 corridor industrial submarket which, according to NKF research, has some of the lowest average asking rents and the third largest industrial inventory (107,276,790 square feet) in the Chicago region. Chicago has delivered more than 400 new industrial buildings (totaling over 110 million square feet) in the last ten years, and more than half (69 million square feet) of this new development delivered in the I-55, I-80 and Southeastern Wisconsin submarkets. Flint Group is one of the largest suppliers to the printing and packaging industry worldwide. They operate more than 140 facilities and employ approximately 6,800 people worldwide.