Exel was represented in the deal by Jeanne Rogers, EVP and principal with Arthur J. Rogers Co., while USC was represented by Gerald Sullivan, principal; John Stump, senior associate; and Phil Reiff, associate of Paine/Wetzel ONCOR International.

"Exel had a new requirement and they needed space in this area for distribution," Sullivan tells GlobeSt.com. "They liked the amount of loading docks and that we could divide the space down to what they needed." Exel's lease rate on the deal is around $3 per square foot net.

Built in 2004, the building is close to Interstate 55 and offers 12 loading docks, 30-foot clear ceiling height and an ESFR sprinkler system. TA Associates Realty bought the property from USC in 2006 for $22 million in a sale-leaseback transaction. USC, a stationery, paper and office equipment supplier, still occupies about half of the 471,500-square-foot building but is seeking to sublease another 107,000 square feet after having leased the entire facility less than three years ago.

The property is located in the Interstate 55 corridor, where asking lease rates range from $4 to $6 per square foot net and occupancy rates are near 87%, according to Cushman & Wakefield's recent industrial market report.

"We've been seeing an increase in activity right now, but like all markets, it's slower than what we were seeing last year," Sullivan says. "The Interstate 55 submarket is generally one of the strongest in the metro area historically. Deal velocity is down and we won't see the number of deals we have in the past, but we're optimistic things will continue to get leased."