While terms were not disclosed, asking rental rates for warehouse and distribution space in the southern Cook County suburbs is $3.39 per sf, according to Grubb & Ellis' most recent industrial market report. While the 75.5-million-sf submarket's 10.4% vacancy rate is slightly better than average, the rental rates are among the lowest in the market, topped only by central Will County and northwest Indiana, according to the real estate firm.
The Oak Brook-based REIT's willingness to lease less than the entire building on a short-term deal paid off, says NAI Hiffman EVP Gerard J. Keating. "As a result of that accommodation, when the company needed to expand, they leased the entire building on a long-term basis," Keating says in a statement.
Keating and VP Daniel P. Leahy represented CenterPoint Properties Trust while Harley Korman of Northbrook, IL-based Korman/Lederer & Associates LLC. represented the Chicago-based contract repackaging company.
CenterPoint Properties Trust has owned 11601 S. Central Ave. for nearly 10 years, acquiring it in a two-asset, $14-million deal in 1993, according to property records.
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