Panattoni Development Co.‘s Corporate Center just clinched its first big tenant. UPS has leased the first spec building of 273,640 square feet in Lockport, Illinois.
Earlier this year, the firm announced plans to expand its presence along the I-355 corridor on a 50-acre site, in a joint venture with PCCP, at 355 Corporate Center.
The project started with two speculative light industrial buildings. UPS leased building No. 1 in the park immediately after Panattoni completed construction.
The UPS building features up to 65 docks, four drive-ins and parking for 268 cars. A second building has also been completed at 355 Corporate Center totaling 228,690 square feet, with 65 docks, four drive-ins and parking for 240 cars. Both buildings feature 32-foot clear height, ESFR sprinkler systems, and are ideal for a range of distribution and manufacturing uses.
The UPS lease at 355 Corporate Center brings total first-quarter absorption in the I-355 corridor to more than 1.1 million square feet, including LG Electronics’ 363,224 -square-foot lease and RJW Transportation’s 512,265-square-foot lease, both just a few miles north of 355 Corporate Center.
Mark Barbato and Adam Stokes of NPL represented Panattoni in the transaction and UPS was represented by Frank and Matt Minik of Jupiter Realty Services.