Swap.com, a fast-growing online consignment retailer, has signed a 361,000-square-foot lease at 850 Veteran’s Parkway in Bolingbrook, according to Cushman & Wakefield. The long-term transaction marks the second major expansion for the company since its founding in 2013, accommodating its progress from a start-up operation of 15 employees to a staff of 100 handling an inventory of more than 340,000 items.
Swap.com offers a selection of pre-owned baby, kid’s, maternity and women’s apparel and accessories.
Cushman & Wakefield’s Jason West, an industrial specialist based in the commercial real estate services Rosemont, Ill., office, assisted Swap.com in securing the real estate for its initial lease as well as this new expansion.
Jim Estus of Colliers International represented Prologis in the 850 Veteran’s Parkway transaction. Located on the north side of I-55 between IL Route 53 and Weber Road, the asset provides 30-foot clear ceilings, ESFR sprinklers, heavy power, 37 exterior loading docks, four drive-in doors, and parking for 224 cars and 321 trailers.
According to West, expanding companies like Swap.com are economic drivers for area housing, retail and commercial sectors.
“This lease represents positive net absorption of approximately 300,000 square feet within the I-55 industrial submarket and will push down the vacancy rate by nearly 40 basis points,” he said. “It is an excellent illustration of how the growth of e-commerce is impacting the regional industrial market.” At mid-year, the vacancy rate in the 79 million-square-foot I-55 submarket rested at 11.2 percent, according to Cushman & Wakefield Research.
The Swap.com lease is the fifth e-commerce lease completed by West’s team this year, with others in the works.