"We understood there would be significant demand for this facility with our redevelopment plans," says Duke Realty senior vice president Jim Connor. Colliers Bennett & Kahnweiler brokers David Bercu and David Kahnweiler represented Guiness, a subsidiary of Diageo.
The demand comes despite a 14% direct vacancy rate in the southwest suburbs, according to research by HSA Commercial Real Estate, the highest of any submarket. Although lease terms were not disclosed, HSA reports space leases at about $4 per sf in the submarket. , which would make the Guinness deal worth nearly $1.6 million a year to the office/industrial REIT.
Future plans at the 21.5-acre site northeast of the I-55/Route 53 interchange, which Duke Realty bought for $9 million in November, include a 240,650-sf warehouse and 177,320-sf facility.
Guinness will use its space to distribute Smirnoff, Johnnie Walker, Tanqueray, Guinness, J&B, Baileys, and Cuervo.
"Not only will the developer provide a well-landscaped, quality industrial building to the area, the presence of the building will bring with it new jobs," says Bolingbrook Mayor Roger Claar. "Even more pleasing is Guinness' commitment to lease the facility. Any time we can attract a high-quality company like Guinness to Bolingbrook, the entire community wins."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.