Kellog's USA had one year remaining on its lease, according to Space Center Chicago. Although terms were not disclosed, asking lease rates for large boxes in the submarket are just under $4 per sf, making the likely value of the deal at least $12.5 million.
A CB Richard Ellis team that included Michael Svoboda, Hank Cox and Larry Johnson represented Bay Travelgear while J.D. Salazar of Champion Realty Advisors sat at the other side of the table representing Kellog's USA.
Bay Travelgear is expected to move into its new warehouse space this fall.
The property was developed by Opus North in 1998.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.