Jim Estus of Cushman & Wakefield represented Georgia-Pacific Corp. while the building owner, PM Realty, was represented by Jason West of Trammell Crow Co.
The industrial vacancy rate has risen to 17%, says Grubb & Ellis senior vice president Terrence O'Hara, CCIM. Cushman & Wakefield pegs the Will County submarket vacancy rate at 14%, and notes 1.3 million sf of new construction is underway after adding 2.7 million sf last year.
The additional space included a 145,000-sf build-to-suit for Powers Retail Services at 575 W. Crossroads Pkwy. at McShane Construction Corp's Naper-Crossings Commerce Center. The maker of shelving relocated operations from nearby Woodridge as well as Glendale Heights.
Although it is in Cook County, new space in the I-55 Corridor last year included 445,008 sf at 55th Street and East Avenue in McCook. Quebecor World Inc. took 152,688 sf in Oakbrook, IL-based CenterPoint Properties Trust's warehouse building. Colliers Bennett & Kahnweiler Inc. principal David A. Bercu represented Quebecor while senior vice presidents Vernon F. Schultz, SIOR and Thomas M. Condon represented the REIT.
"Quebecor needed to expand their operations and we were able to negotiate a great opportunity within this new facility," Bercu says.
Among the available space is 47,087 sf at 335-353 Remington Blvd. here, being marketed by HSA Commercial Real Estate.
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