Sterling Bay Industrial, the industrial division of Chicago-based Sterling Bay, has signed two new leases totaling 425,000 square feet at the real estate investment and development firm’s newest speculative distribution centers in Aurora, Illinois and Darien, Illinois.
“These deals signify strong momentum for Sterling Bay’s industrial division, and we look forward to bringing our reputation for innovation and excellence to this thriving sector for many years to come.” said Andy Gloor, CEO of Sterling Bay.
LGSTX Services, a national logistics company, has signed a lease for 335,384 square feet at 2350 Frieder Lane in Aurora. Sterling Bay is completing the development of this 503,244-square-foot facility in Butterfield Center for Business and Industry, a Class-A business park, in partnership with Levy Family Partners and Development Resources, Inc.
The property features extensive frontage on I-88 with good proximity to highway interchanges at Eola Road and Route 59. With the LGSTX Services lease, 2350 Frieder Lane reached 65 percent leased immediately upon completion of the development. Colliers International’s Dominic DeRose and Charles Canale represented Sterling Bay. CBRE’s David Prell represented the tenant.
In Darien, Sterling Bay secured a 90,000-square-foot lease with another tenant at 1035 S. Frontage Road. Sterling Bay is completing the development of this 153,000-square-foot, Class A facility in partnership with DWS Group (DWS) to supply highly sought-after distribution space in a strong infill location.
The property features extensive frontage on I-55 and easy access to I-294 and I-355. With this new lease, 1035 S. Frontage Road reached 60 percent leased immediately upon the completion of the development. NAI Hiffman executive vice presidents, Jeff Fischer and John Whitehead, represented Sterling Bay and DWS in the transaction.