CHICAGO—The I-55 Corridor has become one of the hottest industrial markets in Chicagoland, and new tenants in the area have just signed another trio of significant leases. The three leases, all long-term and totaling 132,000-square-feet, were completed at the TA Associates Realty-owned Territorial Business Campus in southwest suburban Bolingbrook by the Chicago-based Cushman & Wakefield team of Sean Henrick and Jason West, exclusive leasing agents for the property.
Territorial Business Campus consists of two buildings of 115,000-square-feet each, located at 606 and 612 Territorial Dr. Developed by Panattoni Development Co. the buildings were completed in late 2013, and the new three long-term leases bring the campus to 60% occupancy.
At 606 Territorial Dr., Multi-Plastics, Inc., represented by Terri Alexander of Transwestern, leased 60,367-square-feet; and Eastland Food Corp. represented by Calum Payne and Kevin Segerson of CBRE, leased 28,934-square-feet. At 612 Territorial Dr., LMI Solutions, a manufacturer and distributor of toner cartridges and imaging products, was represented by Tim McCahill and Brian Vanosky of Lee & Associates in a 42,680-square-foot lease. All three new tenants will use the space for distribution and light manufacturing.
“The fact that these two buildings were recently completed on spec and are already 60% leased speaks to the leasing activity in the I-55 submarket,” says Henrick. “The demand for class A new product has increased dramatically, and we expect that trend to continue.”
Tenants in the I-55 Corridor signed agreements to lease 2.1-million-square-feet in the first quarter, nearly four times the amount leased in the fourth quarter of 2013, according to a recent report by Colliers.
The two buildings offer 30′ clear ceilings, precast concrete exteriors and state-of-the-art building systems, including ESFR sprinklers. Remaining spaces available include a 25,000-square-foot unit with 2,000-square-feet of offices at 606 Territorial Dr., and a 73,000-square-foot space at 612 Territorial Dr. that the owner can divide into two units.
“We are seeing a high level of interest in these availabilities and expect to be able to make additional announcements very soon,” Henrick adds.