Cushman & Wakefield director Sally Macoicz represented Central American Group, which spent nearly nine months exploring space options throughout the I-55 Corridor, she says. While not disclosing the amount of the Central American Group lease, Macoicz notes asking rates for I-55 industrial space is $3.75 per sf and $3.95 per sf on a net basis.
With an increase in vacancy rates in the submarket, Central American Group had plenty of options, Macoicz indicates, as it plotted its move from southwest suburban Woodridge. "This has changed it significantly," she says of the I-55 vacancy rate.
Montgomery Ward had used the space for its catalog distribution operations, shipping furniture and appliances out of the facility, Macoicz says. The space had been vacant for more than a year, she adds, going dark with the company's demise.
Dann Thomasson, a senior vice president atLaSalle Investment Management, Inc., represented CalEast Industrial Investors.
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