While the San Francisco-based REIT recently reported occupancy in its 9.9-million-sf Chicago portfolio at 92.3%, its five Turnberry Lakes distribution facilities, totaling 1.7 million sf, are 100% occupied. Colliers Bennett & Kahnweiler senior vice president Ronald J. Behm, SIOR and vice president Jeffrey J. Kapcheck, SIOR have handled negotiations for AMB Property Corp. for all five buildings. A CB Richard Ellis team of John Sullivan, John Gledhill, and Todd Bensen represented Norvanco International.
Although terms were not disclosed, AMB Property Corp. gets average net lease rates of $4.53 per sf in the Chicago market, with deals averaging 5.7 years.
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